the Bank of London and Middle East have quadrupled in the last six
months as the demand for Islamic financing in the small- and
medium-ticket arenas continue to grow.
On 30 June 2008, operating lease assets totalled £44.9 million
(€56.3 million), compared with £11.9 million at the end of last
year.
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The bank’s leasing business – which grew as a proportion of
total balance-sheet assets from 4 percent to 7 percent during this
six month period – focuses on the leasing of mid-sized assets from
trucks through to specialised equipment such as rotating tilting
furnaces. All of its deals are structured in accordance with
Sharia’a law.
Operating lease income rose sharply during the six months to 30
June 2008 to £2.4 million compared with £228,758 for the period 7
August 2006 to
31 December 2007.
Net investment in finance leases by BLME – the UK’s second
largest Sharia’a compliant financial institution – totalled £11.5
million, roughly two-thirds of which relate to deals between one
and five years in length.
Brendan Malkin
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