BLME

AcronymDefinition
BLMEBank of London and the Middle East (UK)
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His appointment at BLME continues a successful career following four years as CEO, International at Qatar Islamic Bank and at Lloyds Banking Group where he held various prominent positions including CEO, Middle East.
CEO of Bank Muamalat, Dato Haji Mohd Redza Shah Abdul Wahid, said : "The MoU is a start for Bank Muamalat Malaysia Berhad and BLME to work towards the research and development of a viable business model to offer private banking services in Malaysia, focussing on offering products and solutions to domestic and cross-border clients in Malaysia.
Under the terms of the MoU, BLME will develop banking products and services including Islamic wealth management products and services for the Malaysian market.
Milan Balac, CEO of RSS says: "The new facilities provided by Citi, Mubadala GE Capital PJSC and BLME represent another key milestone in our corporate development.
BLME Holding will exchange one share in the new listed company for every 25 shares currently held by existing shareholders.
BLME, the largest Islamic bank in Europe whose main shareholders are Kuwait's Boubyan Bank and the Kuwaiti Public Institution for Social Security, said its net operating profit before impairment charges in 2012 hit GBP7.
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But recent interim results released by BLME and IBB show that some buds are bearing fruit, while others are still desperately seeking to flower.
BLME provides a wide range of Sharia-compliant banking services and advice to businesses and individuals, with a strong focus on Europe, the Middle East and North Africa regions, as well as the US.
London's capital markets offer more depth and diversity that can help to overcome sector issues such as liquidity and risk management," BLME chief executive Humphrey Percy said.
When the company got a $25 million loan in December 2008, it came from what might seem an unusual source: the Bank of London and the Middle East, or BLME, which strictly follows Sharia rather than conventional western banking practices.
BLME Private Banking will provide Islamic finance solutions to assist high net-worth individuals, entrepreneurs and their corporations in the UK, Europe and Middle East with their banking and investment management requirements.