Bank of London and The Middle East plc (BLME) has launched an enhanced and flexible maternity leave benefit providing employees with the option to have a year of fully paid maternity leave.[1] The Islamic bank’s market-leading policy will offer new mothers different options to suit their personal preferences, so their maternity leave works in the most meaningful way for them. The new benefit offers over three times as many fully paid weeks as the majority of UK business,[2] and more than any major high-street bank.

Recognising not all women want the same provision, the Bank offers a base enhanced maternity leave provision of 40 weeks fully paid. It then allows eligible colleagues the choice to remain on maternity leave fully paid for 1 year utilising accrued leave and other eligible paid time off work, or they can enter a supportive return phase for 12 weeks where they are fully paid but only required to work 3 days per week.

The Bank’s new policy outlines 4 different possible options for their colleagues to choose from which allows maximum flexibility and support. It also includes a ‘return to work bonus’ after 6 months of resuming regular working arrangements.

The announcement has been made amid research that show’s Britain’s employment rate remains higher for men than women, with UK males working over 150 million (25%) more hours than females each week.[3] And with the country’s childcare costs now ranking among the highest in the world, according to the OECD, the benefit is a timely one in helping mothers balance the demands of having a family whilst developing their banking careers.[4]

BLME’s new policy will minimise the impact of having a baby on female employees’ career trajectory, confidence, and earning potential, by removing barriers that male counterparts are less likely to face. Since the end of 2021, BLME has increased the number of women in its workforce from 41% to 45%, targeting 50% by the end of 2025, and is a signature of HM Treasury’s Women in Finance Charter.

Andrew Ball, Chief Executive Officer, BLME: “At a moment when rising childcare costs are causing anxiety to expectant mothers across the country, we’re taking real action to ensure we remain a progressive and family-friendly workplace and support women back into the workforce.

“We believe that maternity matters, and so we’re significantly increasing our maternity leave offer to employees. Our industry-leading policies will advance gender equality in the workplace, by supporting parents with professional careers to return to work and prosper in their roles.”  

As part of its commitment to enhancing parental leave, BLME’s male staff will be able to take four weeks of fully paid paternity leave, double the amount employers are required to offer by law.

Citations:

[1] Employees with at least 26 weeks’ continuous service at the 15th week before the expected week of childbirth and are still employed during that week, will qualify for 40 weeks of fully paid maternity leave plus the option to add annual leave and additional supportive leave.

2 Enhanced Maternity Pay - Pregnant Then Screwed

3 ONS, 2024

4 Benefits and wages - Net childcare costs - OECD Data

About Bank of London and The Middle East (BLME):

BLME is a Sharia’a compliant bank based in London. Led by a management team that brings together a combination of experienced international bankers and leading experts in Islamic finance, BLME’s key business areas include: Wealth Management solutions, Mortgages, Commercial Real Estate Finance, and savings products.   

BLME is authorised by the PRA and regulated by the FCA and PRA. For more information, please visit our website. 

Contact:
Callum Nimmo
Consultant, Luther Pendragon
BLME@luther.co.uk