UK - London Islamic bank eyes Mideast expansion, woos Gulf residents

www.gulf-times.com - Shariah-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who have ties to the UK to boost its corporate and private banking business. Britain’s largest standalone Shariah bank was set up in London in 2006 and does not have a presence in the Middle East, although expansion into this region was always part of the long-term plan.
It is now awaiting regulatory approval to start operations in the Gulf, initially with a representative office this year, and a branch or subsidiary in the longer term, chief executive Humphrey Percy told Reuters in an interview.
“The premise on which we set up BLME, which was to send skills and products and services and human capital in both directions, between London and the Middle East ... is just as valid now as in 2006,” said Percy.  (source)

UK - QIB’s UK unit showcasing realty product in France

Buoyed by the response for its real estate mezzanine funding, QIB (UK) is showcasing the product at the annual MIPIM real estate conference that begins today in France. The product was introduced during 2010 and is focused upon the 60%-80% tranche within the capital stack. It allows QIB (UK), as an Islamic financier to co-exist with a conventional bank within the same financing structure whilst fully meeting Shariah requirements and guidelines. “I believe the real estate mezzanine product will enable investors to refinance upon satisfactory terms,” said Michael Clark, CEO of QIB (UK). (full story)