The Bank of London and The Middle East has received approval from the UK regulator to launch as a London-based Shariah compliant bank. The new bank, which has raised £175 million ($352 million) from a number of institutional shareholders, is only the second independent, wholesale Islamic bank to be authorised by the UK’s Financial Services Authority. BLME, whose largest shareholder is Kuwait’s Boubyan Bank, will focus on four main business lines – Islamic treasury, corporate banking, private banking and wealth management, and investment banking. Chief executive Humphrey Percy said: “BLME is coming to market at a time when Islamic finance in the UK has passed the initial stage and is now entering a solid growth state. We are confident that the timing of our entry into the market, combined with our level of capitalisation and the high quality institutional backing will ensure success in this fast growing market". Boubyan Bank owns a 20 per cent stake in BLME, with the remainder being owned by financial institutions, investment companies and employees. Yacob Al-Muzaini, chairman and managing director of Boubyan Bank, is the chairman of BLME.