UK

Britain's First Islamic Motor Insurance

Salaam Halal Insurance, Britain's first Shari`ah-compliant insurer, was launched last July and price-comparison websites show a great demand and competitiveness.

Western companies looking to Sukuk

Cecilia Valente and Frederik Richter reported 10 February on Reuters, that Western companies, especially in the UK and France, are considering issuing Sukuk to tap Middle Eastern investors.

Bank of London and the Middle East plans three funds

Bank of London and the Middle East, or BLME, plans to launch at least three funds in 2009 targeting a US dollar based fixed income fund, a UK real estate distressed assets fund and an equities fund according to Adrian Gayler, the newly appointed head of private banking at BLME, told Zawya Dow Jones.

Gatehouse Bank plc announces the establishment and first issue under the Milestone Sukuk platform

Gatehouse Bank plc has announced the establishment of a USD 1 bn Sukuk programme by Milestone Capital PCC ("Milestone"). Gatehouse Bank is the Arranger and Dealer of the Milestone programme as published in a press release via Zawya on 27 January.

The first Sukuk issue under the Milestone platform was successfully completed recently. The Milestone programme is listed on the Channel Islands Stock Exchange and certificates issued under the programme are entered into the Euroclear and Clearstream clearing systems, with BNP Paribas Securities Services acting as common depositary. Milestone Capital PCC is a Jersey based orphan Protected Cell Company, designed to allow the efficient creation of new, segregated, bankruptcy remote cells. Each cell has the ability to issue a diverse range of Sukuk certificates, which is proving very appealing for issuers and investors alike.

David Testa is the CEO of Gatehouse. Ashurst LLP is the legal advisor to Gatehouse Bank on the transaction.

Bank of London and the Middle East launches Private Banking

TradeArabia reported on 27 January that the Bank of London and the Middle East (BLME), will be extending its wealth management division with the launch of a private banking business. The new project will be headed by the newly appointed head of private banking Adrian Gayler, who joins BLME from Merrill Lynch International Bank Limited. Gayler will be based in BLME’s new private banking offices in Mayfair, London, along with the already established specialist wealth management team

Bank of London and the Middle East arranges GBP 10 mn facility for OCADO LTD

Press Release

London, 27 January, 2009 – Bank Of London And The Middle East plc (BLME), the London based wholesale, Sharia’a compliant bank, today announced that it is providing a £10 million leasing facility to Ocado Ltd (Ocado), the UK independent online grocer.

Full text attached

4 million child trust funds opened in UK

A total of 4.01 million child trust funds have been opened since the scheme stated. Latest data from HM Revenue & Customs (HMRC) show since January 2005 4.3 million child trust fund vouchers have been issued – but only three-quarters of parents are investing the vouchers. However, parents investing the average GBP 24 a month into an account could provide their offspring with GBP 9,750 at the age of 18, according to estimates from the Children’s Mutual.

Source: 

http://www.myfinances.co.uk/news/investments/child-trust-fund/4m-child-trust-funds-now-open-$1259681.htm

Gatehouse Bank appoints new head of real estate

Gatehouse Bank released that Philip Churchill has been appointed as Head of Real Estate. Philip Churh has been previously Head of Investment Management, Europe for four years with HDG Mansur, fund manager of the HSBC Amanah Global Properties Income Fund.

Bank of London and the Middle East plc completes GBP 31.5 mn refinancing for client

Bank of London and The Middle East plc (“BLME”), has announced on 7 January the completion of a 3-year GBP 31.5 mn finance transaction for Premio Group Holdings to refinance Premio’s property portfolio in Mayfair, London. This is the first Islamic finance transaction completed by Premio Group Holdings.

Premio Group Holdings is a joint venture between Chelsfield Partners LLP and Rollpost established in December 2005. Premio owns over 50,000 square ft of prime residential and commercial property in London’s Mayfair.

Advisers to both firms were Alexander Marks, SJ Berwin and KPMG for Premio and Herbert Smith LLP for BLME.

German: Vortrag - Ansätze in Europa zur finanziellen Einbindung von Muslimen

Der Vortrag zeigt vergleichsweise die Grösse und die Spezika des deutschen im Vergleich zum britischen Finanzmarkt für Muslime auf. Desweiteren werden Produktvorschläge, welche die Zielgruppe in Deutschland benötigt und Schlüsselbegriffe des Islamic finance erläutert. Ziel von Islamic finance ist somit die finanzielle Einbindung von Muslimen in Deutschland (financial inclusion).

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