Sharia-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who have ties to the UK to boost its corporate and private banking business.
Britain’s largest standalone sharia bank was set up in London in 2006 and does not have a presence in the Middle East, although expansion into this region was always part of the long-term plan.
It is now awaiting regulatory approval to start operations in the Gulf, initially with a representative office this year, and a branch or subsidiary in the longer term, Chief Executive Humphrey Percy told Reuters in an interview.
Alfalah Consulting - Kuala Lumpur:
Islamic Investment Malaysia: