Bank of London & The Middle East

What Bank of London & The Middle East does

Bank of London and The Middle East plc (BLME) is an independent UK-regulated Sharia'a compliant bank founded in 2007 and headquartered at 20 Churchill Place, Canary Wharf, London. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority, operates a DFSA Category 4 branch in DIFC Dubai, and runs BLME Capital Company in Riyadh; FSCS membership protects eligible deposits up to £120,000 per depositor. Since February 2020 BLME has been a subsidiary of Boubyan Bank K.S.C.P. (Kuwait), which holds 72.37% of BLME Holdings Limited as of 31 December 2025, with The Public Institute for Social Security of Kuwait holding 7.50% and BLME carrying an A+ Fitch rating equalised with the parent.

BLME's product platform is organised around three core lines: Wealth Management (Private Banking for individuals and corporates, Sharia'a compliant Mortgages, Real Estate Investments, Real Estate Finance, a Current Account, Wakala fixed deposits, Investments, and the invitation-only BLME Concierge lifestyle add-on), Savings (Premier Deposit Account from £1,000 and 90-Day Notice Account from £10,000), and the now-divested Walbrook Asset Finance leasing book sold to Investec Asset Finance on 31 December 2025. The proprietary Sharia'a compliant banking engine uses Islamic finance structures (Wakala, Mudaraba, Murabaha, Ijara, Sukuk) overlaid on UK-regulated infrastructure, with a Mastercard payment card issued by Prepaid Financial Services Limited under category-level Sharia'a compliance restrictions and a vendor-hosted Card Portal. Layered on top is Nomo, a standalone digital-first sub-brand launched in July 2021 as an iPhone-only Sharia'a compliant banking app for Kuwaiti and UAE residents.

BLME makes money primarily through deposit-funded Sharia'a compliant investment returns on Wakala placements (1-12 month and up-to-7-year Premier terms in GBP, USD, EUR), bespoke real estate acquisition and development finance for UK corporates with GCC links, execution-only buy-to-let and holiday-home mortgages for HNW non-EEA clients (minimum £300,000 net income or £3m net assets), asset-based investment management fees, treasury and liquidity management services, and private banking account fees including a 3% FX fee on non-GBP transactions and a £50,000 minimum current account balance. Go-to-market is relationship-led for HNW and corporate segments, execution-only via a broker panel and intermediary network for mortgages, digital self-serve via the Nomo app for GCC retail, and direct-to-consumer for UK retail savings, with physical presence in London, Dubai and Riyadh.

Name

Bank of London & The Middle East

Legal name

Bank of London and The Middle East plc

Website

https://blme.com

Company type

Private

Founded year

2007

Operating status

Acquired

Headcount range

101–250 employees

Short description

BLME is an independent UK-regulated Sharia'a compliant bank serving high-net-worth non-EEA individuals, GCC-linked corporates, and UK retail savers through private banking, real estate finance, savings products, and the Nomo digital bank, owned 72.37% by Boubyan Bank.

Ownership category

akta.pro rank

Product category

Islamic Banking

NAICS

Trusts, Estates, and Agency Accounts (52592)

akta.pro primary industry

Islamic Retail Banking (FSABAGAA)

akta.pro secondary industries

Islamic Corporate Banking (FSABAGAC), Islamic Private Banking & Wealth (FSABAGAD)

Keywords

• Sharia'a compliant banking
• Private wealth management
• Real estate finance
• Islamic savings accounts
• Corporate banking solutions

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Compliance or Risk, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Wakala Fixed Deposit / Savings Income: Accepts Sharia'a compliant fixed-term deposits (Wakala) from private banking and retail customers in GBP, USD and EUR across terms of 1-12 months and longer (Premier Deposit Account up to 7 years). Bank deploys deposits as agent to generate Sharia'a compliant investment returns.
2. Private Banking Current Account Fees: Relationship-managed current account product with £50,000 minimum balance requirement, including a Mastercard payment card and 3% Foreign Exchange Currency Fee on non-GBP transactions.
3. Real Estate Finance (Commercial and Residential): Tailored Sharia'a compliant commercial and residential real estate acquisition finance and real estate development finance to UK companies, generating finance income via Sharia'a compliant structures (Ijara, Murabaha, etc.).
4. Buy-to-Let and Holiday Home Mortgages: Sharia'a compliant execution-only residential mortgages for HNW non-EEA clients (net income of £300,000+ or net assets of £3m+) for UK holiday homes and buy-to-let investments.
5. Investment Management Fees: Real estate and asset management investment products for Professional Clients and qualified Sophisticated/High Net Worth clients via BLME's investment portal (invest.blme.com).
6. Treasury / Liquidity Management Services: Manages bank liquidity, hedging requirements and tenor transformation; develops innovative Sharia'a compliant products to help clients manage liquidity and FX exposures using deposit products.

Pricing tiers

Go-to-market motion6 records

Distribution channels9 records

Marketing channels7 records

Core offering

BLME is an independent, UK PRA/FCA authorised Sharia'a compliant bank offering private banking, current accounts, Sharia'a compliant mortgages (buy-to-let and UK holiday homes), real estate acquisition and development finance, fixed-term and notice savings products, treasury and liquidity management, investment management, and a digital-first retail banking proposition via its Nomo iPhone app. It serves high-net-worth individuals and corporates primarily outside the European Economic Area, with a particular focus on GCC/Middle Eastern clients seeking UK-regulated, FSCS-protected Islamic finance.

Product overview

BLME operates a platform-plus-modules architecture built around three core product lines: Wealth Management (Private Banking for individuals and corporates, Mortgages, Real Estate Investments, Real Estate Finance, Current Account, Wakala fixed deposits, Investments, and the BLME Concierge add-on), Savings (Premier Deposit Account and Notice Account for retail and corporate depositors), and Business Finance (Real Estate Finance plus the now-divested Walbrook Asset Finance leasing book). These are delivered through the London headquarters, the Dubai (DIFC) Branch regulated by the DFSA, and the BLME Capital Company subsidiary in Riyadh. Layered on top is Nomo, a standalone digital-first sub-brand launched in July 2021 that extends BLME's Sharia'a-compliant UK current account proposition to a broader retail audience via a mobile app. All products operate under a unified Sharia'a-compliant ethical banking framework authorised by the UK PRA and regulated by the FCA, with overseas branches/subsidiaries authorised by their respective host regulators.

Differentiator

Problem solved

Functional benefit

Brands

• Nomo (Nomo Bank): UK-based, international Islamic digital bank launched by BLME in July 2021. Provides a digital-first Sharia'a compliant banking experience via the Nomo iPhone app for Kuwaiti and UAE residents with international banking needs.
• BLME Capital Company

Products and services

• Private Banking Relationship-managed private banking for HNW individuals outside the EEA, combining bespoke current accounts, Wakala fixed deposits, mortgages and investments with a single point of contact and bilingual English/Arabic service.
• Sharia'a Compliant Mortgages (Buy-to-Let and Holiday Home) Execution-only Sharia'a compliant residential mortgages for UK holiday homes and buy-to-let investments, targeting HNW non-EEA clients with net income of £300,000+ or net assets of £3m+.
• Real Estate Finance (Commercial and Residential) Tailored Sharia'a compliant real estate acquisition and development finance (Ijara, Murabaha and related structures) for UK companies, particularly those with strong GCC links.
• Premier Deposit Account (Fixed-Term Savings) Sharia'a compliant fixed-term savings account available to retail savers from £1,000, with terms up to 7 years, profit paid annually, and the latest 12-month term (20/05/2026) at 4.65% gross annual.
• 90-Day Notice Account Sharia'a compliant savings account requiring a 90-day notice for withdrawals, available from £10,000, with the latest published rate (from 17/11/2025) at 4.05% gross quarterly (Issue 10).
• Nomo Digital Bank Digital-first Sharia'a compliant UK current account and banking app for Kuwaiti and UAE residents, providing mobile-led onboarding, current account services and international banking aligned with Islamic principles.
• BLME Capital Company (Investment Solutions) Riyadh-based securities subsidiary providing Sharia'a compliant investment solutions and capital-markets services to businesses, HNW individuals, professionals and family offices in Saudi Arabia and the UK.
• BLME Investment Funds (Real Assets and Real Estate) Sharia'a compliant investment products in real assets and real estate, including Development, Investment, Commercial and Residential strategies, available via the BLME investment portal to Professional Clients and qualified Sophisticated/HNW clients.
• BLME Concierge Invitation-only concierge service providing a destination app with travel, dining, luxury and cultural benefits alongside a members-club experience for BLME private banking clients.

Quantifiable outcome

• Best Islamic Bank in the UK (2019) - World Finance and Islamic Finance News
• +4 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Eight partnerships are on record, tiered minor and core.

• Investec Asset Finance plcminorChannel Partner/ Reseller/ Distributor · 31 December 2025On 31 December 2025 BLME sold its Walbrook Asset Finance portfolio to Investec Asset Finance plc. Investec is the data controller for personal data relating to those facilities. Walbrook Asset Finance may retain limited information for legal/regulatory purposes. Customers requiring support are now directed to Investec's Customer Services Team (0330 123 9613 / [email protected]).
• Peel Hunt LLPminorOthers · 5 December 2019Peel Hunt LLP, authorised and regulated in the UK by the Financial Conduct Authority, acted as financial adviser to BLME in connection with Boubyan Bank's recommended cash acquisition of BLME Holdings plc (2019-2020).
• Prepaid Financial Services LimitedcoreOEM/ Whitelabel/ Licensing PartnerBLME cards are issued by Prepaid Financial Services Limited (PFS) pursuant to a licence from Mastercard International Incorporated. PFS is regulated and authorised by the Financial Conduct Authority (registration number 900036). Registered Office: Fifth Floor, Langham House, 302-308 Regent Street, London, W1B 3AT. Company Registration number: 06337638. The BLME card is a Prepaid Financial Services product.
• Mastercard International IncorporatedcoreTechnology or IntegrationBLME cards carry the Mastercard Acceptance Mark and are accepted globally. Currency conversion uses the Mastercard conversion rate. PFS issues BLME cards under a Mastercard licence.
• Fitch RatingscoreOthersFitch Ratings assigns BLME an A+ credit rating (equalised with parent Boubyan Bank). Annual Fitch Ratings reports are published by BLME for 2021, 2022, 2023, 2024 and 2025.
• Ernst & Young LLPminorOthersErnst & Young LLP, authorised and regulated in the UK by the FCA, acted as financial adviser to Boubyan Bank in connection with the acquisition of BLME Holdings plc.
• Prepaid Financial Services Card PortalcoreTechnology or IntegrationBLME Card Portal is hosted at clients.prepaidfinancialservices.com/blme and is operated in conjunction with Prepaid Financial Services, the card issuer. Cardholders can use the portal to view transactions, block/unblock cards, and report lost or stolen cards.
• Walbrook Asset Finance LimitedminorOthersWalbrook Asset Finance Limited was a subsidiary of BLME Holdings with Andrew Ball, Chris Power, Abdul-Salam Mohammed Al Saleh and David Williams all on its board. The portfolio was sold to Investec Asset Finance plc on 31 December 2025.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Al Rayan Bank: UK-regulated Sharia'a compliant retail and commercial bank offering savings, mortgages, current accounts, and property finance. The most direct UK-headquartered competitor to BLME in Islamic retail and private banking.
• Gatehouse Bank: UK Sharia'a compliant challenger bank focused on property finance, savings, and wealth management for UK and GCC clients. Closely comparable to BLME in target customer profile and product mix.

Regional players

• Bank of England (UK regulators) — comparable: Cumberland Building Society (Sharia'a): UK-incorporated subsidiary of Kuwait's Ahli United Bank offering Sharia'a compliant savings, current accounts and property finance — directly comparable to BLME's UK product set within a comparable Gulf-parent ownership structure.
• Alinma Bank: Saudi Arabia-headquartered Sharia'a compliant bank offering retail, corporate, and investment banking. Comparable to BLME's Riyadh operations and BLME Capital Company's product set in the Saudi market.

Broad incumbents

• QIB (Qatar Islamic Bank): Largest Islamic bank in Qatar offering full-suite Sharia'a compliant retail, private, and corporate banking across the GCC and via international branches. Comparable to BLME in product breadth and Islamic finance structures, though materially larger.
• Kuwait Finance House (KFH): Kuwait-headquartered global Islamic bank providing Sharia'a compliant retail, corporate, investment and real estate finance. Comparable to BLME in Islamic structures, GCC–UK cross-border franchise, and corporate finance capabilities.
• HSBC Amanah: HSBC's global Islamic banking window offering Sharia'a compliant retail, wealth and corporate products. Overlaps with BLME in HNW non-resident GCC clients seeking UK-regulated Sharia'a compliant banking.
• Standard Chartered Saadiq: Standard Chartered's global Islamic banking franchise providing Sharia'a compliant retail, wealth and transaction banking across the Middle East and Asia. Comparable in targeting cross-border HNW GCC and Muslim-majority-market clients.

Others

• Boubyan Bank K.S.C.P. (parent): BLME's 72.37% Kuwaiti parent — a full-service Islamic bank offering retail, private and corporate banking. Functionally comparable to BLME in Sharia'a product set, but its role as parent means it is also a strategic counterparty rather than a pure peer.

Emerging players

• Zand (UAE digital Islamic bank): UAE-licensed digital-first Islamic bank targeting retail and SME customers. Comparable to Nomo as a digital-first GCC Islamic banking proposition and emerging competitor to BLME's Nomo app in the UAE market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/blmeplc
• Facebookfacebook.com/pages/BLME/489300931152590
• LinkedInlinkedin.com/company/blme

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank of London & The Middle East