Britain’s largest Islamic bank keen to expand its Dubai operations

Bank of London and The Middle East (BLME), a London-based independent, wholesale, Sharia-compliant bank already having its office in the Dubai International Financial Centre (DIFC), has decided to expand its asset management business in Dubai.

To align with the above plan, BLME is contemplating to get its existing Dubai licence upgraded, though it may not apply for a full banking licence as it has no plans to compete with the local banks that distribute BLME’s Sharia-compliant products.

BLME, which is currently Britain’s largest Islamic bank, opened its office in DIFC in May 2013 and is already listed on Nasdaq Dubai. Meanwhile, the bank is reportedly keen to explore the scope for launching its first leasing fund in the Middle East that would primarily be targeted at financial institutions in the region.