Financial Times: Wholesale Islamic outlet is London’s second

The Bank of London and the Middle East, which opens in London today, will bring “choice and depth” to London’s fast-growing Islamic financial services sector, according to chief executive Humphrey Percy.

London-based BLME is only the second independent, wholesale Islamic bank to be authorised by the UK’s Financial Services Authority. “Our proposition is strong. We’re well-capitalised, have a good team and strong institutional backers,” Mr Percy said.

The bank, which is 20 per cent owned by Kuwait’s Boubyan Bank, has raised £175m to date.

“We intend to pursue a listing on Aim in the next 18 months to raise a further £75m, although it will be at least a year before we come to market,” he added.

There are two other independent Islamic banks operating in the UK: the Aim-listed European Islamic Investment Bank; and the retail-focused Islamic Bank of Britain.

Via Financial Times.