BLME (Bank of London and The Middle East) is a British independent
Sharia’a compliant
bank
A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...
that is headquartered in London. , it was the largest
Islamic bank
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...
in Europe.
It was founded in 2006 and offers financial services in three core areas:
wealth management
Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-hi ...
, commercial real estate finance and savings products. Bank of London and The Middle East is authorised by the
Prudential Regulation Authority and regulated by the
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financi ...
and the Prudential Regulation Authority.
History
BLME was first incorporated in London on 7 August 2006, originally under the name ''House of London and The Middle East'', changing to Bank of London and The Middle East in July 2007.
Humphrey Percy, Founder and CEO, met with the original sponsors,
Boubyan Bank,
establishing their common ambitions to build a market leading wholesale Islamic bank.
BLME received authorisation
from the Financial Services Authority (FSA) in July 2007 with a full set of permissions and European passporting.
Since its launch the bank has grown significantly.
In 2008 BLME completed their second private placement bringing their total capital base to £250million.
BLME launched their Wealth Management division including a Private Bank and Asset Management offering in early 2009.
Digital bank - Nomo
In July 2021, BLME launched Nomo, a fully licensed, Sharia-compliant UK
digital bank
A neobank is a type of direct bank that operates exclusively using online banking without traditional physical branch (banking), branches. They challenge traditional banks. In contrast to direct banks, in many cases, neobanks do not have their ow ...
.
Since its establishment, BLME has won numerous awards for its services, including several from Islamic Finance News Awards:
Best Islamic Bank in Europe (2008),
Best Islamic Bank in UK (2009
& 2010,
2011, 2012
and 2013) Best Islamic Leasing Provider (2009)
and Deal of the Year (2009).
BLME was also awarded the WIBC
Institutional Excellence Award in 2009.
In 2011,
2012
and 2013
BLME was awarded Best Islamic Bank in Europe by Global Finance Magazine. In 2013 BLME won Reuters/Zawya Best International Asset Manager of the year award.
Sharia’a Compliance
As an Islamic bank, BLME attempts to make sure that its services are wholly Sharia’a compliant and uses these principle to underpin all of its practices. From its foundation, the bank has had a dedicated a
Sharia’a Supervisory Board (SSB) to review contracts and agreements.
This is to ensures that all policies, practices and governance are in compliance with Sharia’a and Islamic jurisprudence, rooted in transparency, fairness and clarity.
This Sharia’a specific regulation and governance is in addition to the conventional regulation that applies to all UK based financial institutions.
See also
*
List of banks in the United Kingdom
This is a list of banks operating in the United Kingdom.
Central bank
The Bank of England is the central bank of the United Kingdom.
The Big Four
British banking has been highly consolidated since the early 20th century. Unlike some other ma ...
*
Islamic Banking
Islamic banking, Islamic finance ( ''masrifiyya 'islamia''), or Sharia-compliant finance is banking or financing activity that complies with Sharia (Islamic law) and its practical application through the development of Islamic economics. Some ...
References
{{Reflist
External links
Bank of London and the Middle East official website
Beginners Guide to Islamic Finance
Banks established in 2006
Banks based in the City of London
Islamic economic jurisprudence