Bank of London and the Middle East launches Sharia'a Compliant Premier Deposit Account |
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London, 16 March, 2010 - Bank of London and The Middle EastBank of London and The Middle East
plc (BLMEBLME), London's leading wholesale Sharia'a compliant bank, announced today the launch of its Premier Deposit Account (PDA), the first online Sharia'a compliant PDA in the UK. With a minimum investment of £50,000 this account is ideal for investors looking for a competitive rate of return on an ethical, alternative investment. BLMEBLME's PDA allows the investor competitive returns on their investment deposited with BLMEBLME when compared with other UK high street institutions' deposit products. BLMEBLME pay profit upon maturity of the original agreement or on the anniversary of the investment - based on which comes first. BLMEBLME is covered by the FSCS £50,000 deposit guarantee scheme.
Humphrey Percy, CEO of BLMEBLME, said:
"The launch of the PDA highlights London's leading role in the development of Sharia'a compliant products in Europe. Since its establishment in 2007, BLMEBLME has witnessed a growing demand among medium to high net worth individuals for a banking option that incorporates the transparent and ethical principles inherent in Islamic finance with competitive returns. With the financial climate improving, individuals are looking to diversify their investments that were previously solely held by UK high street banks."
In addition to Sharia'a values of transparency and ethical business practice, the PDA also boasts competitive rates for customers, as seen in the chart below.
Term | £50,000+ | £100,000+ | £750,000+ |
3 months | 0.35% | 0.65% | 0.75% |
6 months | 2.00% | 2.30% | 2.40% |
12 months | 3.10% | 3.40% | 3.50% |
18 months | 3.50% | 3.80% | 3.90% |
2 years | 4.00% | 4.30% | 4.40% |
BLMEBLME
will establish key relationships with investors and provide detailed information on its website (www.blme.com). Investors will be informed of the performance and profit rate they can expect. The PDA will only be accessible online via the Bank's secured website, and it will quote in Sterling, Dollars and Euros. Humphrey Percy added:
"The PDA expands our product offering and continues to demonstrate that BLMEBLME is an innovator of Islamic banking solutions. Excellent client services and relationship management remain a crucial value for BLMEBLME and its business approach."
-Ends-
About BLME
Bank of London and The Middle EastBank of London and The Middle East plc ("BLMEBLME") is an independent UK wholesale Sharia'a compliant bank based in London. BLMEBLME received FSA authorisation in July 2007 and is the largest of its peers in Europe. It is led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance.
The five core areas that set the foundations for BLMEBLME's competitive offering are Private Banking, Asset Management, Corporate Advisory, Corporate Banking and Markets Division.
BLMEBLME is dedicated to offering innovative Islamic investment and financing products to businesses and high net-worth individuals in the European, US, SE Asian and MENA regions. To ensure that BLMEBLME's services and operations are wholly Sharia'a compliant, the Bank has a dedicated Sharia'a Supervisory Board ("SSB"). The SSB's role is to review contracts and agreements relating to all transactions ensuring that they are consistent with the principles of Islamic jurisprudence.
About Islamic banking
Islamic Finance upholds the principles of fairness, integrity and transparency.
The principle of fairness is reflected in the risk and reward-sharing element that forms the foundation of every Islamic financial transaction.
Islamic finance aims to create business activities that generate a fair and equitable profit from transactions that are backed by real assets. This method of financing avoids speculation, short selling and excessive credit creation whilst encouraging sound risk management procedures.
Islamic banking has a robust system of risk management and self-regulation to ensure that each transaction is transparent and that the appropriate due diligence and higher standards of disclosure required are observed. To ensure compliance with these requirements each transaction and agreement is reviewed and approved by a Sharia'a Supervisory Board. This Sharia'a specific regulation and governance is in addition to the conventional regulation that applies to all UK based financial institutions.
For More Information Contact:
Capital MS&L London
Sarah Decottegnie
+44 (0) 20 7307 5330
sarah.decottegnie@capitalmsl.com
Capital MS&L Middle East
Noha Gaber
+971 4 427 6448
noha.gaber@capitalmsl.com
© Press Release 2010
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