REUTERS: LONDON - Sharia-compliant Bank of London and the Middle East (BLME) is targeting the thousands of rich Gulf residents who spend part of the year in London, to boost its private banking arm, its head told Reuters.
Britain's largest stand-alone sharia bank aims for deposits in the wealth management unit -- launched a year ago -- to make up 20-25 percent of its total, from 5-10 percent currently, Chief Executive Humphrey Percy said on Tuesday.
"This is what we are targeting and it will take three to five years to achieve that," he told the Reuters Islamic Banking and Finance Summit in London.
The bank does not disclose how much it holds in client assets. It is targeting clients with a net worth more than 1 million pounds ($1.57 million), who can commit at least 250,000 pounds.
Percy also said the bank is about to launch an Internet banking service aimed at less wealthy clients who can deposit around 50,000 pounds or more, targeting deposits of 50 million pounds within a year.
The bank, which fully complies with Islamic principles, was founded in 2006 with the backing of Kuwaiti investors, including Boubyan Bank (BOUK.KW). >>> Cecilia Valente and Chris Vellacott, additional reporting by Claire Milhench, editing by Rupert Winchester | Tuesday, February 16, 2010
