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About BLOM DEVELOPMENT Bank


BLOM DEVELOPMENT BANK
is a full fledged Islamic bank that was established in February 2006 and became operational in March 2007. BLOM DEVELOPMENT BANK carries out its banking practices in compliance with the provision of the Islamic Sharia and pursuant to the instructions and regulations of the Lebanese Central Bank (Bank du Liban). BLOM DEVELOPMENT BANK also abides by the rules of its Sharia Board that consists of three prominent Sharia scholars.

BLOM DEVELOPMENT BANK covers the whole spectrum of banking services including the acceptance of deposits and the provision of various Islamic financing solutions in the form of Murabaha, Ijara, Tawaruk, Forward Lease, Wakala and Istisna’a.

During 2009, BLOM DEVELOPMENT BANK continued to make progress on its three-front strategy of growing the core business, broadening the scope of operations and expanding into neighboring markets. To that end, BLOM DEVELOPMENT BANK explored various alternatives in developing innovative and competitive investment products aiming at providing investors with strong fundamentals, attractive risk/return profiles, and significant mid to long long-term value creation potential.

In an attempt to diversify from the traditional Murabaha financing structure, BLOM DEVELOPMENT BANK identified new types of Sharia compliant financing structures applicable to the Lebanese market. The Bank is currently tapping into Islamic structured products in cooperation with BLOMINVEST Bank as the arranger and under full compliance with Sharia mandates.. This will allow the Bank to explore new local financing activities that are still considered to be dominated by conventional banks. In parallel, BLOM DEVELOPMENT BANK’s corporate customer base grew in 2009 and financing activities expanded due to the successful penetration into neighboring markets.

To enhance customer service and convenience, BLOM DEVELOPMENT BANK established a new branch in Tripoli. In addition, several locations were identified in Beirut for the gradual entry into new areas where Islamic banking is in high demand.

BLOM DEVELOPMENT BANK, in compliance with the law, has established a Corporate Governance committee to liaise between the clientele of the bank and its management team. Its aim is to preserve the interest and rights of the depositors as well as to ensure proper application of the Fatawas and recommendations established by BLOM DEVELOPMENT BANK Sharia Board. The corporate governance committee also oversees the disclosures and financial communication that the Bank is required to produce, under the mandate of the Lebanese law.