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BLME launches Sharia’a compliant deposit account

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Bank of London and The Middle East has launched its Premier Deposit Account, the first online Sharia’a compliant PDA in the UK. 

BLME says the account gives the investor competitive returns on their investment when compared with other UK high street institutions’ deposit products. 

BLME pays profit upon maturity of the original agreement or on the anniversary of the investment, whichever comes first. 
 
Humphrey Percy (pictured), chief executive of BLME, says: “The launch of the PDA highlights London’s leading role in the development of Sharia’a 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 UK high street banks.”

The account will only be accessible online via the bank’s website. It will quote in Sterling, Dollars and Euros.

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