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    BLME signs Islamic banking deal with Global Marine Systems

    News // February 22, 2012

    Bloomberg reports that Bank of London and The Middle East Plc, the London-based Islamic bank, has signed a £14 million (US$22 million) deal to help Global Marine Systems Ltd acquire a vessel to install subsea power cables on offshore windfarms.

    The transaction with the UK-based company is the Shariah-compliant bank’s first in the renewable energy industry, according to a statement from the bank.

    The deal “allows us to contribute indirectly to the UK’s attempts to diversify its sources of energy,” Jervis Rhodes, head of corporate banking at BLME, said in the statement.


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