Organised jointly by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Central Bank of Bahrain (CBB) and the World Bank Group, the 11th AAOIFI-World Bank Conference has started on Monday. CBB Governor Rasheed Al Maraj said in his keynote address that the CBB would introduce a set of new regulations for the Islamic Financial Industry. He added that the industry also needs to invest in the training of the human capital in addition to working on succession planning. Participants discussed the challenges, opportunities and development of Islamic finance in the changing economic climate. The main take away of the day was about the future prospects, innovation, differentiation between the capitalism and the Islamic finance as a whole.
According to expectations, the measures introduced to bring the rules on takaful insurance up to date and expand them will be of help to the efforts of the segment to make inroads into the market share. The first Islamic policy writer opened in 1989, which, compared to other countries in the Gulf region and Asia, is very early. However, although Bahrain was working on becoming an insurance and takaful centre in the region, it is still necessary to strengthen its position. This could be accomplished by developing the Kingdom's human resources pool through advanced training programmes.
The Waqf Fund, which purpose is to support Islamic finance training, education and research, has expanded its scope of activity and started supporting the industry in various ways during the last year. According to a statement by Khalid Hamad, fund chairman and Central Bank of Bahrain executive director of banking supervision, the fund is supporting Bahrain University in their Bachelor of Arts in Sharia for banking and finance as well as Shaikh Isa Library.
According to an announcement by Al Baraka Islamic Bank, Abdul Rahman Abdullah Mohammed has joined the bank's board. This was made possible by Central Bank of Bahrain's approval. Abdul Rahman Abdullah Mohammed is an expert in banking business with over 36 years experience in numerous institutions including NBB banking group where he was general manager until recently.
Experts oppinion is that the Middle East and North Africa (Mena) mortgage market is set for double digit growth. They added that it was time developers laid stress on affordable housing rather than those out of reach of most.
The event was held at the Diplomat Radisson Blu Hotel, Residence and Spa, and was put together by Cityscape, under the patronage of the Central Bank of Bahrain (CBB), and in partnership with Sakana Holistic Housing Solutions and Naseej Properties.
Compliant products globally, including equities that conform with Islamic principles, sukuk and Islamic funds, stands at over $1.5 trillion.
Abdul Rahman Al Baker, the Executive Director of Financial Institutions Supervision, Central Bank of Bahrain (CBB), stated that Islamic asset management industry is an area that has become larger to an increasingly substantial segment within the financial markets. He also added that Islamic financial products symbolize a class of investment which is adressed to those looking for a socially responsible or ethical investments.
Bahrain has inovated the modern Islamic finance industry in the region, as its history on Islamic finance goes back to more than 40 years.
Khalid Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain (CBB), that their was to introduce new concepts and to formulate rules and standards for Shariah-compliant financial transactions.
Khalid Hamad, while commenting on the AAOIFI Annual Shariah Conference which opens on Monday in Bahrain, undelined the fact that the CBB has always been supporting AAOIFI and its conference as part of its commitment to the industry.
Bank of London and The Middle East (BLME) has received a licence from the Central Bank of Bahrain (CBB) to open its regional office in the Kingdom.
LME provides a wide range of services and advice to businesses and individuals, with a strong focus on Europe, the Mena region, as well as the US.
The opening of the Bahrain office, BLME’s first overseas office in the Gulf region, reinforces its ambition to provide a bridge between the UK and the GCC to offer a range of investment opportunities to the global investment community.
The Central Bank of Bahrain (CBB) had a meeting with the International Islamic Financial Market (IIFM) Shariah Advisory Panel and selected IIFM member banks active in Islamic hedging/risk mitigation segment of the Islamic finance industry.
The purpose of the meeting was to have deliberation between Shariah scholars and market practitioners on Islamic hedging products which are essential for risk mitigation of real assets and real economic activity.
The meeting was attended by honorable scholars including Shaikh Dr. Ali Muhyealdin A. Al Quradaghi, Shaikh Nizam Yaquby, Shaikh Esam Ishaq, Shaikh Dr. Muhamad Akram Laldin, Shaikh Dr. Eltegani Abdelgadir and Shaikh Dr. Mohammed Burhan Arbouna.