BLME to start Bahrain operations
London, February 20, 2011
Bank of London and The Middle East (BLME), a Shariah-compliant bank based in London, has received a licence from the Central Bank of Bahrain (CBB) to open its regional office in the Kingdom.
BLME provides a wide range of services and advice to businesses and individuals, with a strong focus on Europe, the Mena region, as well as the US. Its five core areas are private banking, corporate advisory, corporate banking, asset management and markets division.
The opening of the Bahrain office, BLME’s first overseas office in the Gulf region, reinforces its ambition to provide a bridge between the UK and the GCC to offer a range of investment opportunities to the global investment community.
The Islamic finance market is currently estimated at $1 trillion and is expected to grow to a value of more than $2 trillion by 2015. Sharia’a finance is now increasingly perceived as a viable alternative to conventional banking and is attracting a rising number of international investors.
"Bahrain is an ideal location for BLME to open an office. Having created and implemented regulations specifically designed for Islamic Financial Institutions, it represents a key hub for Islamic finance in the GCC region," said Humphrey Percy, CEO of BLME.
"Bahrain provides BLME with a base for its operations in the Gulf and forms an integral part of its strategy to expand across the region," he noted.
"This expansion will help to enhance our market intelligence as well as provide our existing and potential client base with valuable advice and investment opportunities within the GCC and the UK," he added.-TradeArabia News Service
More Finance & Capital Market Stories
- KFH completes ICT project upgrade
- Egypt urban annual inflation slows to 9.8pc
- BIBF signs deal with Palestinian institute
- Bahrain’s GDP set to expand 12pc
- KFH-Bahrain rebrands priority banking
- Bank Nizwa wins top Islamic bank award
- Qatar labour costs may jump: IMF
- Kuwait Q3 trade surplus hits $23bn
- Dubai trade growth up 7.6pc to $362bn
- Deloitte appoints new managing director
- Al Ramz tops UAE trading in Feb
- IFC in $150m loan deal with Bank Audi
- SME funding focus for Abu Dhabi forum
- Insurance House posts second year of profit
- ETF global assets hit record $2.44 trillion
- Bahrain firms plan IPOs
- Serbia wins $1bn Abu Dhabi loan
- Key equity banker resigns from Saudi Fransi
- DMCC to boost Islamic commodity trade with tie-ups
- IDB, KIA units to invest in Morocco
- First Gulf to set up $1bn sukuk in Malaysia
- Singapore’s UOB Bullion and Futures joins DGCX
- Infrastructure investment ‘key to growth’
- BKIC declares 30pc dividend
- StanChart profit falls 16pc in 2013
- Veteran Saudi banker to head AMF
- Dubai World prepays $284m to creditors
- EFG-Hermes sells Damas stake to Mannai
- Ultra rich number to grow 35pc in Mideast
- Saudi IPO market 'set for big year'