Bank of London and The Middle East (BLME) will launch a Shariah compliant private banking business, extending its Wealth Management Division.
BLME Private Banking will provide Islamic finance solutions to high net worth individuals, entrepreneurs and their corporations in Europe, the Middle East and the UK.
Adam Gayler has been appointed as head of private banking and joins from Merrill Lynch International Bank where he was vice president of global wealth management.
Humphrey Percy, CEO at BLME, believes the firm will capitalise on the demand it has seen for a dedicated Shari'ah compliant wealth management offering.
"Despite difficult financial market conditions we see this as an opportune time to launch a Private Banking business.
"High net worth individuals are increasingly concerned about preserving their wealth and will be looking for counsel and best-of-breed services and solutions," he says.
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