Monday, July 09, 2007

New Islamic Bank in the U.K., musharaka financing for Aston Martin

There will be a new Islamic bank in London. Boubyon Bank, a Kuwaiti Islamic Bank will be an investor in a new Bank of London and Middle East (BLME). BLME will "first offer corporate and investment banking services, Islamic treasuries and spot foreign exchange trading, with private banking to be offered as well early next year." The bank will join the European Islamic Investment Bank and the Islamic Bank of Britain in serving the country's 1.8 million Muslims.

The new owners of Aston Martin used musharaka-based financing to fund future expansion.

No comments: