Reuters: Islamic Bank to expand WM business - Spear's Magazine

Reuters: Islamic Bank to expand WM business

LONDON, April 6 (Reuters) – UK-based Islamic Bank of London and the Middle East (BLME) will focus on expanding its fledgling wealth management business this year as it works towards a hoped-for London Stock Exchange listing in 2010.

LONDON, April 6 (Reuters) – UK-based Islamic Bank of London and the Middle East (BLME) will focus on expanding its fledgling wealth management business this year as it works towards a hoped-for London Stock Exchange listing in 2010.

The bank, which complies with Islamic principles on lending, expected continued demand for Islamic Finance in 2009 but would develop “at a lower growth rate than in 2008,” Chief Executive Humphrey Percy said on Monday.

The bank, which was founded in 2006, reported a rise in operating profits to 5.8 million pounds ($8.65 million) last year on strength in its markets, corporate banking and asset management divisions.

To read the full story, visit reuters.com



 

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