IslamicFinance.de

Britain's Bank of London and The Middle East (BLME) said on Sunday its chief executive Humphrey Percy would step down effective June 11. Percy, who has served as CEO since August 2006, will also step down as a board member of the bank, BLME said in a statement. No reason for his departure was given in the statement, which quoted him as looking forward to the new challenges. An announcement on his successor as chief executive of BLME will be made in due course, the statement added.

Bank of London and The Middle East (BLME), Britain’s largest stand-alone Islamic bank, aims to pay its first dividend in early 2016 as the lender diversifies its revenue and funding streams. Founded in 2006 by Kuwait’s Boubyan Bank, BLME has not paid a dividend, but its net distributable reserves are expected to reach a sufficient level in 2015, chief executive Humphrey Percy said. BLME, which provides corporate banking and wealth management services, posted a net profit of £4m ($6.6m) in the first half of 2014, up from £1m during the same period last year. This was aided by diversification of revenue streams, with the corporate banking division seeing its total operating income grow 32.5 percent from a year earlier.

In July 2007 Bank of London and The Middle East ("BLME") celebrated its fifth anniversary of receiving FSA authorisation. Throughout these years BLME has successfully constituted and developed its business platform, providing various wholesale banking and wealth management services. Humphrey Percy, CEO of BLME, said that despite the challenges in the global economical turmoil, BLME had achieved key successes in the growth of their Wealth Management business and Corporate Banking divisions. BLME’s success is due to reliance upon traditional banking values of trust, fairness and integrity. Thus it provides clients with ethical corporate banking, treasury and wealth management services across Europe and the GCC.

Sharia-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who spend part of the year in London, to boost its private banking arm, its head told Reuters. The Bank will offer investors access to leased assets such as equipment, trucks, railway carriages and aeroplanes. The Bank's customers will invest in short-term revolving finance facilities, which allow a borrower to draw down and repay amounts for short periods throughout the life of the facility.

Bank of London and the Middle East released on 14 April the appointment of Mahmoud Faruqui as Senior Advisor.

Having been involved in the Islamic finance industry for over 30 years, Mahmood has extensive experience in advising banks on Strategy, Governance and Sharia'a aspects of product structuring and documentation.

Mahmood has previously worked as Board Member/Advisor of Habib Bank, Alfaysal Investment bank, Faysal Bank, Faysal Islamic Bank of Bahrain, Dar-Al-Maal Islami (DMI) Geneva, and Habib Bank AG Zurich.

As a founder member and secretary at the Pakistan Banking Council, he played a key role in negotiating and obtaining authorised bank status for five Pakistani banks from the Bank of England.

Humphrey Percy is CEO of BLME.

Source: http://www.arabianbusiness.com/index.php?option=com_pressreleases&view=d...

AME Info published a press release on 8 April that The Bank of London and The Middle East plc (BLME) announced that it has participated in USD 20 mn of Forward Lease financing to Qatar Electricity and Water Company (QEWC), for the construction of the Ras Abu Fontas A1 (RAF A1) water desalination plant to be built in the northern part of Ras Abu Fontas, Qatar. The Islamic tranche of the transaction was introduced to BLME by European Finance House, London based subdiary of Qatar Islamic Bank. Out of the total project budget of USD 600 mn, USD 150 mn is Islamic financing which is being underwritten by QIB.

Humphrey Percy is CEO of BLME. Mike Clark is CEO of European Finance House.

Source: http://www.ameinfo.com/152651.html