(MENAFN Press) Bank of London and The Middle East ("BLME"), the largest fully Islamic bank in Europe,has celebratedits fifth anniversary of receiving FSA authorisation in July 2007. In the last five years BLME has established its business platform and developed new business lines and products that provide diverse, sustainable and integrated wholesale banking and wealth management services.
Humphrey Percy, CEO of BLME, said:
"Over the last five years the financial services industry has faced considerable challenges alongside global economic turmoil. Despite this, BLME hasdelivered across the board, with key successes in the growth of our Wealth Management business and Corporate Banking divisions.
"Our success to date has been built upon a return to the more traditional banking values of trust, fairness and integrity, providing clients with ethical corporate banking, treasury and wealth management services across Europe and the GCC."
Commenting on the anniversary, Nigel Denison, Head of Wealth Management,said:
"We have striven to bring balance and choice to the Islamicwealth management industry. We offer a strongly performing fund range which includes an innovative light industrial building fund and top performing income funds. Our success in this area has been supported by the buoyant Sukuk market with 2012 issuance looking set to beat 2011 which was itself a record year."
"These funds are offered in addition to our private banking services.We aim to provide innovative products that allow clients to diversify their portfolios and generate a sustainable return while helping to manage risk in an increasingly volatile market. In addition we offer a property sourcing and acquisition service which was launched recently followingsignificant demand from our GCC client base."
Jervis Rhodes, Head of Corporate Banking at BLME said:
"BLME has successfully positioned itself as a funder of choice to the SME and mid-cap market, which is currently under-banked by the conventional financial institutions. We have found that building relationships and focusing on providing individual and sustainable solutions for our property, leasing and trade finance clients has created a solid platform for continued growth. "
Graeme Laing, Head of Leasing at BLME, commented:
"The increase in demand for Islamic leasing has certainly been stimulated by the current economic climate. During the last five years we have provided our clients with over 500 million in funding “ a considerable achievement. Thissustained growth demonstrates our ability to provide competitive financing solutions for global companies as well as SMEs. We expect 2012 to continue to deliver opportunities for BLME and look forward to further supporting growth in the UK."
Humphrey Percy, concluded:
"I am extremely proud of our growth story to date. We remainvery positive about the future, and believe that there are major opportunities to further develop our business across Europe and the GCC, building on the significant momentum we have achieved since launch."
Islamic Finance now representsa US1 trillion market and despite on-goingeconomic uncertainty, demand for Islamic finance in the UK remains robust.