Member Article

Cascade’s Aspiring Sharia Expert

27 year old Luke Roberts, who joined Cascade Cash Management (Cascade) four years ago and worked for the company whilst he studied at the same time, is now poised as an aspiring expert in a niche area that could change the way many people save.

Having completed his Bachelor of Science in Nursing degree at Northumbria University 18 months ago, Luke made the decision to build a career at Cascade and more specifically jumped at the chance to establish the platform’s Partner Relationship services saying he had ‘caught the bug’ and recognised the exciting journey that he would go through with the company which is poised for rapid and specialist growth.

Cascade Cash Management is an independent and transparent service created to make savings simple. The unique online platform generates enhanced cash returns and most attractively, includes every single bank and building society providing clients with the maximum protection they can obtain on deposits under the Financial Services Compensation Scheme through spreading cash across multiple banking licences via professional cash management.

The Cascade team of eleven administer cash savings on behalf of clients and depositors, who can also use the portal to see their accounts listed conveniently in one place, have peace of mind that accounts are opened directly in their name alone. Partners including IFA’s, solicitors, attorneys, accountants and many more can also self-brand the product for presentation to their own clients.

And now Luke, who has worked his way up to partner support specialist, is undertaking a specialist course via the Chartered Institute for Securities and Investment (CISI) to ensure that the Cascade team can offer specialist advice on Sharia banking and compliance.

Luke, who got engaged prior to lockdown and has recently booked his wedding for September 2023, said:

“There is a huge opportunity for anyone using the Cascade portal and service to benefit from Sharia compliant and ethical savings returns, by depositing their cash into banks that adhere to Islamic principles. Open to all regardless of religion or culture, they offer the same level of depositor protection, but Sharia compliant banks do not pay interest and instead pay a share of the bank’s profit on lending activity that’s generated from the savings deposits.

“Because of this, although returns are not guaranteed, they continue to perform well and so regularly appear towards the top of our rates listings. We regular check with Sharia complaint providers to ensure they have met the listed profit rates and we receive regular confirmation, as well as some providers exceeding the profit rate set. As this is a growing area, we decided that rather than just having a strong understanding of how it works, it would be helpful for advisers and clients for us to have an in-house expert to lead our team and advise our clients. I am delighted to be given this opportunity and I’m aiming to complete my training and exams in January, ahead of schedule.”

Luke has also, along with colleagues Georgia Boddy and Anthony Tunmore, been enrolled by CEO and Co-founder of Cascade Dr Emma Black, onto the Vistage Emerging Leaders cohort to start in the New Year.

Dr Emma Black, who runs the team which is centralised in the North East but covers the UK nationally, with bases in the Midlands and Cambridgeshire, said:

“It is important to us that we foster the right environment for ideas to flow freely. To make sure we keep innovating and generating great ideas, we feel it is important to invest in our people and their desired learning. Luke joined us whilst he was a student, and we are delighted he completed his studies so successfully achieving a 2:1. We were thrilled that Luke stayed with us as he’s a wonderful person and a great team player too.

“Luke’s recent choice to study with the CISI to build our Sharia expertise will add real value for the advisers that we support and their clients. It is still an area that many people know little about and this can sometimes lead to uncertainty so having an expert on hand to answer any queries is key.

“I’m delighted that Luke has decided to enrol into the Vistage Emerging Leaders programme. I think the programme will help build his knowledge and toolbox to allow him to unlock more of his great potential.”

Cascade has won a number of awards across 2021 including the Most Innovative Fintech in the UK. Luke, who holds a NUFC season ticket and plays American Football for the Gateshead Senators, concluded:

“Cascade has changed dramatically in the four years since I have joined with a new board and a growing momentum – the offerings, the service and the drive to have purpose are all really exciting, and the company is going to go far as the awards this year testify.

“I am happy to be as invested in being part of this team as the company is in me and hope to progress to a long and fulfilling career as an expert who wants to lead change within the business. With a new house and a wedding booked, as well as a promising future career with Cascade, life is looking great!”

This was posted in Bdaily's Members' News section by Anna Toms .