bank of london and the middle east appoints two non-executive directors

Published January 23rd, 2008 - 01:57 GMT

bank of london and the middle east appoints two non-executive directors
  

Bank of London and The Middle East (BLME) today announced that it has appointed two Non-Executive Directors, Mr Masood Akbar and Sheikh Abdullah Jaber Al-Ahmad Al-Sabah who also becomes Vice-Chairman of the bank. 

Mr Akbar was previously a Non-executive Director at Genesis Emerging Markets Fund, a position which he held from 1989 to 2005.  He has also worked as Chief Executive Officer of Fidelity Investment Bank in Pakistan and is currently an Executive Director of AREF Investment Group in Kuwait, where he is responsible for international investment in Real Estate and Private Equity.

Sheikh Abdulla Al-Sabah is currently the Deputy Director General of Investments at the Public Institution for Social Security (PIFSS) in Kuwait, a position which he has held since January 2004.  He is also the Chairman of Housing Finance Company (ISKAN) and a Board Member of Global Investment House and Al-Ahli Bank of Kuwait.

Yacob Yousef Al-Muzaini, Chairman of BLME, comments:

“I am delighted to welcome Sheikh Abdullah and Masood to the Board. These appointments complete the full Board of Bank of London and The Middle East and mark a significant step forward for the bank as it grows in both size and scope of business activity.”


 Humphrey Percy, CEO of BLME, comments:

“Both Sheikh Abdullah and Masood bring with them a wealth of experience from the banking industry.  These appointments strengthen the Board of BLME, bringing first hand experience from our Middle Eastern investor base, which will prove invaluable as we continue to grow our business.”

Mr Masood Akbar, Non-Executive Director of BLME, comments:

“This is a very exciting time for Islamic Finance as it grows beyond the Middle East and is becoming increasingly main stream in Europe.  The opportunity to be part of developing the Islamic finance industry is very compelling and I look forward to working with such a strong team.”

Sheikh Abdullah Jaber Al-Ahmad Al-Sabah, Non-Executive Director and Vice-Chairman of BLME, added:

“BLME’s business model as a wholly Sharia’a based organisation coupled with a professional team of international financiers and leading experts in Islamic finance, provides a distinct proposition to make it succeed.  I am looking forward to being part of this success story.”

Sheikh Abdullah and Masood join current Non-Executive Directors Yacob Yousef Al-Muzaini, Neil Holden, Frank Vermeulen and Fuad Saleh Al-Shehab and are the latest in a series of appointments since the Bank’s launch in July 2007, as a FSA authorised wholesale, Sharia’a compliant bank based in the City of London. BLME offers a range of high quality Sharia’a compliant banking services and advice to businesses both in Europe and the MENA region who wish to access innovative Islamic financial products. 


 


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