Massoud Janekeh

BLME arranges senior secured Murabaha finance facility for Greenergy

In an announcement on Wednesday, Bank of London and The Middle East plc (BLME) informed about a significant senior secured transaction with Greenergy Biofuels Limited. BLME is the lead arranger and the main shareholders with equal stakes are BLME and a bank basedin Qatar. The facility is secured against the assets of a biodiesel plant located in Immingham, Humberside, UK.

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BLME returns to healthy profits

First it was the shareholders of Islamic Bank of Britain (IBB) at their general meeting in August 2010 approving a 20 million pounds capital injection from founding shareholder Qatar International Islamic Bank (QIIB). This was an effective bailout of IBB which gives the UK's only dedicated Islamic commercial bank some much-needed breathing space.
BLME, the wholesale Islamic bank which claims to be the largest Islamic bank in Europe, was the first of the five Islamic banks in the UK to report "a healthy return to profitability" for the first half of 2010.
One area in which BLME is setting the pace is Islamic trade finance and structured trade finance. According to Massoud Janekeh, director of Islamic Capital Markets at BLME trade finance should be a natural home for Islamic finance funded either through a Murabaha sale or a Tawarruq structure.

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