In August 2006 United House of Britain PLC was incorporated as a UK company by our initial sponsors, Boubyan Bank. By July 2007 the company had received a banking licence from the UK Financial Services Authority and became Bank of London and The Middle East plc (“BLME”).
BLME was launched to bridge the UK and Middle East markets through Islamic finance with the aim of becoming the market leader in Wealth Management with a focus on Real Estate.
London, as a key centre for global finance, was chosen as our base due to its strong tradition of financial innovation and creativity. The city also provided BLME with access to a highly skilled workforce and has supported the growth and promotion of Islamic finance.
By 2008 we had successfully completed our second private placement bringing BLME's total capital base to £250 million. BLME Holdings plc was listed on Nasdaq Dubai in October 2013.
To support BLME's growth and strategy, in 2013 we opened a representative office in Dubai’s International Financial Centre (DIFC) in the United Arab Emirates. In 2018 our DIFC office was upgraded to a branch, authorised by the DFSA.
In February 2020, Boubyan Bank (“Boubyan”) successfully increased their stake in the Company to 71.08%. As of 31 December 2023, Boubyan have a 72.08% holding as they continue to offer to purchase shares from minority shareholders.
In June 2021 BLME Holdings was delisted from the Nasdaq Dubai stock exchange and in July 2021 it was reregistered as a private limited company.
The following month, BLME soft launched Nomo, the world’s first international Islamic digital banking business, providing customers with seamless, secure, and Sharia’a compliant digital banking.
In 2022, we opened an office in Mayfair, London to best service our Wealth Management clients.
And in 2023, we opened a subsidiary, BLME Capital Company, in Riyadh, Saudi Arabia which is authorised by the CMA. We moved our London headquarters on Cannon Street to Canary Wharf in the same year.
The Bank is authorised by the Prudential Regulatory Authority (PRA) and regulated by the PRA and the Financial Conduct Authority (FCA).