- LONDON: Bank of London and The Middle East plc (BLME), London's leading wholesale Shariah-compliant bank whose main shareholders are Boubyan Bank, National Bank of Kuwait, the Securities House and the Public Institution for Social Security, announced on Tuesday the launch of its Premier Deposit Account (PDA) in pound sterling, US dollars and euro for investors in Saudi Arabia.
- The PDA is the first online Shariah-compliant deposit account in the UK with a minimum investment of 50,000 pounds.
BLME's PDA offers investors competitive returns on their deposit with BLME when compared with other UK Financial Institutions' deposit products. BLME pays profit upon maturity of the original agreement or on the anniversary of the investment, based on whichever is earlier. The PDA is covered by the UK's Financial Services Compensation Scheme (FSCS) 85,000 pound deposit guarantee scheme.
BLME CEO Humphrey Percy said: "The launch of the PDA highlights London's leading role in the development of Shariah-compliant products in Europe. Since its establishment in 2007, BLME has witnessed a growing demand among medium to high net worth individuals for a banking option that incorporates the transparent and ethical principles inherent in Islamic finance with competitive returns. With the financial climate improving, individuals are looking to diversify their investments that were previously solely held by other UK Financial Institutions."