Islamic Finance: BLME Targets 15% Asset Growth in 2013
Britain's Bank of London and the Middle East (BLME) is aiming to grow its assets by 15% this year following the significant rise in Islamic finance activity in the Gulf region.
The London-based Shariah compliant bank is targeting more business from the Middle East, in its capital markets and wealth management divisions, with the opening of a Dubai office later in 2013.
Its new office will be housed in the Dubai International Financial Centre.
The total assets of BLME that was set up six years ago and owned primarily by Kuwaiti shareholders, increased to more than £1bn ($1.52bn, €1.18bn) at the end of 2012.
The UK's largest standalone Islamic bank plans to attract more business from neighbouring countries such as Qatar and Saudi Arabia with its presence in the United Arab Emirates, BLME's CEO Humphrey Percy told Reuters in an interview.