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BLME names non-executive directors

London, January 23, 2008

Bank of London and The Middle East (BLME) has appointed two non-executive directors as part of its efforts to boost presence in the Middle East region.

BLME is a FSA-authorised wholesale, Sharia’a compliant bank based in London offering a range of high quality Sharia’a compliant banking services and advice to businesses both in Europe and the Mena region.

The appointment of Masood Akbar and Sheikh Abdullah Jaber Al-Ahmad Al-Sabah, who also becomes vice-chairman of the bank, completes the full board of BLME, said a top official.

Akbar was previously a non-executive Director at Genesis Emerging Markets Fund, a position which he held from 1989 to 2005.

He has also worked as chief executive officer of Fidelity Investment Bank in Pakistan and is currently an executive director of AREF Investment Group in Kuwait, where he is responsible for international investment in Real Estate and Private Equity.

Al-Sabah is currently the deputy director general of investments at the Public Institution for Social Security (PIFSS) in Kuwait, a position which he has held since January 2004.  He is also the chairman of Housing Finance Company (Iskan) and a board member of global investment house and Al-Ahli Bank of Kuwait.

Yacob Yousef Al-Muzaini, chairman of BLME, said these appointments completed the full board of BLME and marked a significant step forward for the bank as it grew in both size and scope of business activity.

Humphrey Percy, CEO of BLME, said, "Both Sheikh Abdullah and Masood bring with them a wealth of experience from the banking industry.  These appointments strengthen the board of BLME, bringing first hand experience from our Middle Eastern investor base, which will prove invaluable as we continue to grow our business."

Akbar said pointed out that it was an exciting time for Islamic Finance as it grew beyond the Middle East and was becoming increasingly main stream in Europe.

"The opportunity to be part of developing the Islamic finance industry is very compelling and I look forward to working with such a strong team," he added.

Al-Sabah said “BLME’s business model as a wholly Sharia’a based organisation coupled with a professional team of international financiers and leading experts in Islamic finance, provides a distinct proposition to make it succeed.  I am looking forward to being part of this success story."-TradeArabia News service




Tags: London | board | appointment | Shariah | blme | non-executive |

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