BLME to cash in on Islamic products and services: Business 24-7

By Shuchita Kapur on Thursday, February 12, 2009

With the launch of it Shariah-compliant private banking business, Bank of London and Middle East (BLME) aims to extend its wealth management division. The move comes at a time when faith in conventional banking system has shattered.

The new business of the bank will capitalise on the demand it has seen for a dedicated Shariah-compliant wealth management offering and will serve high net worth individuals, who are increasingly concerned about preserving their wealth and will be looking for counsel and best-of-breed services and solutions.

"And as a Shariah-compliant entity, this business of the bank will have a moral responsibility towards the clients. We have a moral responsibility to provide clients with all the information about the asset class/product they are investing in, its risks and potential returns. As a private banker, we are a trusted advisor to our client," Adrian Gayler, the Head of Private Banking at BLME told Emirates Business.

The bank made pre-tax profits of £1,734,888 in the six months to June last year. Pre-tax profits for the start of the year are more than five times greater than the £332,389 made during the bank's inaugural period when it was setting up operations between August 2006 and December 2007.


Islamic finance has not done too well last year and outlook for 2009 is also not too positive. So what makes you launch this business at such a time?

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