BLME, an FSA authorised Shariah-compliant bank based in London, was granted the licence by the Central Bank of Bahrain earlier this week.
The company provides Shariah-compliant banking services and advice to businesses and individuals, with a strong focus on Europe, the Middle East and North Africa, as well as the USA. Its five core offerings are private banking, corporate advisory, corporate banking, asset management and markets division.
The Bahrain office will be BLME’s first overseas presence, through which the bank said it intends to tap the Middle East markets.
Ahmed Al-Bassam, director of licensing & policy, Central Bank of Bahrain, said Bahrain is increasingly being used by international companies looking to promote Shariah-compliant products as a platform to access the Middle East.
He added that, according to the expectations of specialists, the international market for Islamic Financial Products is estimated at US$1trn and is expected to grow to more than $2trn by the year 2015.
