The professional service provider, which has been a trail blazer in the Islamic economy for the last four years, will restructure its operations into a “not-for-profit”. This will involve dissolving the current partnership and re-incorporating as a new entity in which profit will not be withdrawn as dividends by shareholders, but instead invested back into the community. The new entity will continue to provide world class professional services.
Ashley Freeman, CEO of Gateway said “The Covid-19 crisis has been a wake-up call for many people. We at Gateway wanted to do something more in-tune with the challenges of the time and this move seems highly appropriate. Additionally, many of us felt dismayed at the exploitation of the “Islamic” label to make unjustified profits. We are totally against this – and we are now clearly saying all our operations are “not-for-profit” and we encourage other firms to do likewise.”
Harris Irfan, CFO of Gateway remarked “It is worth noting that our partnership board has unanimously backed this decision and wish to renew their participation in the new Gateway entity going forward. Voluntarily surrendering our rights to draw profit from a profitable business is a demonstration of our genuine commitment to advancing the global Islamic economy.”
Gateway intends to complete the restructuring process towards the end of this year. Clients will continue to receive the same high level of professional service, before, during and after the reorganisation process. With the same team in place, service delivery to clients will not be impacted in any way.
Already Gateway has attracted much goodwill with this move and has arguably cemented its place as a sectorial leader with innovative altruistic vision to do good work for local communities.