BLME CEO Humphrey Percy.
London, January 11, 2011- Bank of London and The Middle East plc (BLME), London's leading wholesale Sharia'a compliant bank whose main shareholders are Boubyan Bank, National Bank of Kuwait, the Securities House and the Public Institution for Social Security, announced today the launch of its Premier Deposit Account (PDA) in Pound Sterling, US Dollars and Euro for Kuwait investors. The PDA is the first online Sharia'a compliant deposit account 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.
Humphrey Percy, CEO of BLME 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, BLME 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 other UK Financial Institutions."
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+ | £500,000+ |
| 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% | 4.20% | 4.40% |
Rates are correct at the time of going to print. These rates do not constitute an offer.
BLME 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, US Dollars and Euros.
Humphrey Percy added: "The PDA expands our product offering and continues to demonstrate that BLMEBLME and its business approach." is an innovator of Islamic banking solutions. Excellent client services and relationship management remain a crucial value for
BLME launched operations in 2007 and is the winner of "Best Islamic Bank in Europe" in 2008, 2009 and 2010 and the "Best Islamic Leasing Provider & Best Islamic Bank in UK" and "UK Deal of the Year" awards in 2009 by the Islamic Finance news awards, as well as a holder of the "Institutional Excellence Award for 2009" from the WIBC.
BLME's board members include Chairman Yacob Yousef Al-Muzaini, former Chairman and Managing Director of Boubyan Bank, Vice Chairman Sheikh Abdullah Jaber Al-Ahmed Al-Sabah, Deputy Director of General Investments at the Public Institution for Social Security (PIFSS), Chairman of Housing Finance Company (ISKAN), non-executive member of the Board Ibrahim Al Qadhi, CEO of Kuwait Clearing Company, non-executive member of the Board Masood Akbar, Director at the Member Investment Advisory Board, EURX Property Fund.
Source : http://www.zawya.com/story.cfm/sidZAWYA20110112053539 - Jan 11, 2011
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