An international Islamic investment bank is looking to expand in the Middle East

For all the pomp around Islamic finance, it’s still rare that a dedicated Islamic institution actively talks up expansion plans, particularly in more sophisticated areas of the industry.

However, Bank of London and the Middle East is moving into the region and talking about growth, particularly in its private and corporate banking business, according to Reuters.

The idea, much like many international players, is to tap into the many rich Gulf residents with connections to London. At first, it’s likely to just be a representative office, but it looks likely to grow if the venture into the Middle East proves successful.

"The premise on which we set up BLME, which was to send skills and products and services and human capital in both directions, between London and the Middle East ... is just as valid now as in 2006,” said the bank’s CEO Humphrey Percy.