Central Bank of Bahrain

#CBB #plans to #shut #down #Future #Bank

The Central Bank of Bahrain (CBB) has announced plans to close down Future Bank, a joint venture between two Iranian lenders – Bank Saderat and Bank Melli – and Bahrain’s Ahli United Bank, said a report. The CBB said it intends to submit a petition to the competent court for compulsory liquidation of the Bahrain-based retail bank, reported the Gulf Daily News, our sister publication.

Powerhouse partners from across global Islamic financial ecosystem joining World Islamic Banking Conference

More than 1200 distinguished guests from more than 45 countries and 300 organizations participating this December, Bahrain

Key players from the global Islamic finance industry will be participating with the 22nd annual World Islamic Banking Conference (WIBC) 2015, taking place on the 1st, 2nd and 3rd of December at the Gulf Hotel, Bahrain. Focusing on 'New Realities, New Opportunities', WIBC will play host to more than 1200 leaders including Central bank governors, regulators, C-suite bankers & asset managers, policy makers, Fintech entrepreneurs and contemporary thought leaders.
WIBC 2015 will host 5 central bank Governors and deputy governors and feature speeches and discussions by the Governor of the Central Bank of Bahrain, H.E. Rasheed Al Maraj, the Executive President of the Central Bank of Oman, H.E. Hamood Sangour Al Zadjali, Deputy Governor of the State Bank of Pakistan, Riaz Riazuddin and the Deputy Governor of the National Bank of Kazakhstan, Nurlan Kussainov.

ABG becomes women empowerment partner for Islamic banking

The Central Bank of Bahrain (CBB), in cooperation with the Supreme Council for Women (SCW), has announced Al Baraka Banking Group (ABG) as the women’s empowerment partner for Islamic Banking for the year-long campaign to celebrate and promote the role of women in the financial and banking sector. The year-long campaign has already featured a series of events, including a number of roundtable and town hall sessions that have brought industry leaders and women of all levels within the sector together to discuss and debate topics of importance. These events culminate with the main Women in the Financial and Banking Sector Conference being held on Nov. 30, at the Four Seasons Hotel, Bahrain Bay.

ABG becomes women empowerment partner for Islamic banking

The Central Bank of Bahrain (CBB), in cooperation with the Supreme Council for Women (SCW), has announced Al Baraka Banking Group (ABG) as the women’s empowerment partner for Islamic Banking for the year-long campaign to celebrate and promote the role of women in the financial and banking sector. The year-long campaign has already featured a series of events, including a number of roundtable and town hall sessions that have brought industry leaders and women of all levels within the sector together to discuss and debate topics of importance. These events culminate with the main Women in the Financial and Banking Sector Conference being held on Nov. 30, at the Four Seasons Hotel, Bahrain Bay.

CBB, SCW hold first "Women in Finance" roundtable

The Central Bank of Bahrain (CBB) in cooperation with the Supreme Council for Women (SCW) hosted a roundtable discussion on the "Challenges Facing Women in Reaching Positions of Authority in the Financial Sector" on the 29th of April 2015. The session brought together leading female figures from the industry to share their experiences and insights into the obstacles that remain for women in climbing the corporate ladder. The roundtable was the first in a series campaign of activities to celebrate and promote the role of "Women in the Financial and Banking Sector" which leads to the main conference on November 30th 2015 under the theme ‘Women in Finance and Banking’.

New takaful model on way

A new takaful model is being implemented by the Central Bank of Bahrain (CBB) this month onwards and is expected to attract new entrants to the market and foster competition. The objective of modifying the existing takaful rules is to facilitate a faster growth of the business in Bahrain while protecting the interest of all stakeholders, vis-ˆ-vis participants, shareholders and operator, CBB executive director for financial institutions supervision Abdul Rahman Al Baker said. The new CBB rules on client money aim at enhancing the regulatory framework in relation to appointed representatives and insurance brokers. Since their release in October last year, the market response has been quite positive, he added.

Shari'a scholars from Morocco meet CBB Governor

A nine member delegation comprising of leading Shari'a scholars from Morocco met with Mr. Rasheed Al Maraj, Governor of the Central Bank of Bahrain. The visiting delegation wants to learn from the Bahrain experience in Islamic finance. Mr. Al Maraj welcomed the eminent scholars and assured them of CBB's full support in their Islamic finance journey. During their three day visit the delegation met with the CBB officials, leading Shari'a scholars in Bahrain and global Islamic finance bodies such as AAOIFI, IIFM and CIBAFI. Morocco has been gearing up to offer Islamic financial services in the wake of strong domestic demand.

Sukuk Al Salam a big success

The Central Bank of Bahrain yesterday announced that the monthly issue of the Sukuk Al Salam Islamic securities for the BD36 million issue, which carries a maturity of 91 days, has been oversubscribed by 102 per cent. The expected return on the issue, which begins tomorrow and matures on February 26 next year, is 0.85pc, compared with 0.85pc for the previous issue.

Sharia banking issues probed

The Waqf Fund recently held a roundtable discussion themed, "Shariah and corporate governance issues in SPV governance," in Bahrain. The meeting was attended by a select group including lawyers, professional firms and Shariah scholars. Central Bank of Bahrain's Hana Al Murran made a presentation highlighting the regulatory and legal issues with special purpose vehicles (SPVs). Among others, the key issues highlighted were: mechanism to safeguard investors' interest, Shariah governance and compliance, mechanism and type of fee charged to investors, reporting frequency and transparency, and due diligence.

Bahrain to introduce new rules for takaful industry in 2013

In order to to improve the operational model of the entire takaful industry, the Central Bank of Bahrain is set to issue new enhanced draft rules. Thus, it will also be able to make the country a preferred choice for all takaful and retakaful. The new rules are part of solvency (Phase II), and are related to corporate governance and actuarial reporting requirements. With the introduction of these rules in 2013, the central bank aims to accelerate growth of the country’s takaful industry while protecting the interest of all industry participants.

Overcoming profitability challenge vital for Middle East Takaful operators

"Tackling the Profitability Chalange: Fresh Thinking for Islamic and Cooperative Insurance in the Middle East" ist the name of the Middle East Takaful Forum 2012 that is going to be held on the October 17th and 18th, under the patronage of the Central Bank of Bahrain. More than 200 top decision-makers will discuss the key challenges of Middle East Takaful operators and conditions of achieving sustainable profitability in the insurance sector.

See more under: http://www.cpifinancial.net/news/post/15966/overcoming-profitability-cha...

AAOIFI to convene its Annual Shari'a Conference

Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) will arrange its Annual Shari'a Conference on 7 and 8 May 2012 in Manama, Kingdom of Bahrain. The conference will be held under the patronage of the Central Bank of Bahrain.
The conference represents a part of AAOIFI's consultation with the industry to help its standard-setting efforts.
Some of the topics that will be discussed at the conference include Shari'a compliance and supervision processes, continuing development of Islamic financial and capital markets, legal issues in Islamic finance, potential areas for further growth of Islamic finance, and development of human capital resources in Islamic finance.

Islamic Development Bank hosts IIFM’s 25th Board of Directors Meeting

The 25th Board of Directors meeting of the International Islamic Financial Market (IIFM) took place on December 11 at Islamic Development Bank (IDB) offices in Jeddah. Present at the meeting were senior representatives from IDB, Central Bank of Bahrain, Central Bank of Sudan, Autoriti Monetari Brunei Darussalam, Labuan Financial Services Authority (Malaysia), Bank Indonesia, State Bank of Pakistan, ABC Islamic Bank - Bahrain, Bank Islam Malaysia Berhad, Kuwait Finance House-Bahrain.
Mr. Khalid Hamad Abdul Rahman Hamad, Executive Director-Banking Supervision, Central Bank of Bahrain & Chairman of IIFM, welcomed the Board members and thanked them for their foresightedness and guidance which has been influential in IIFM’s focus on standardized documentation & products for the Islamic Capital & Money Market.

Global sukuk cheaper and more plentiful in 2011

November 2011 showed a record number of sukuk issues totaling USD 8.86 billion globally, according to data compiled by Zawya Sukuk Monitor. Major launches contain a global seven-year USD 1 billion sukuk sold by Indonesia in the international markets followed by a similar seven-year USD 750 billion international sukuk by the Central Bank of Bahrain.
On the corporate level, Abu Dhabi Commercial Bank and Abu Dhabi Islamic Bank sold five-year USD 500 million international sukuk each. These five issues advanced sukuk issuance to a record in November.
Major announcements of new sukuk were also made in November - some of which might hit the market as soon as December or during the first half of 2012.

CBB's governor: Islamic financial institutions to adopt good risk managment

Rasheed Al-Mi’raj, the Central Bank of Bahrain’s (CBB’s) governor, stated that Islamic financial institutions should learn from the experience of conventional banking institutions from the international financial crunch, increase understanding, monitor and even control, risks of liquidity, and warned them against the repercussions of succumbing to the same conventional financial mismanagement of short-term financial markets instrument.
At the 3rd Islamic Finance and Banking Conference for the Accountancy and Auditing Authority for Islamic Financial Institutions (AAOIFI) the main subjects were: enforcement of IFRS standards in Islamic banking, the need for continuity of Sharia control boards in the financial institutions, the extent of the success of REIT in Islamic banking, restructuring and performance, and the extent of success of using Islamic banking in financing international business operations (for products and instruments), the challenges and difficulties of enforcing of Basel-3 standards in Islamic financial institutions, and the apportionment of excess to shareholders in Takaful companies.

Bahrain Bourse Lists $530.4 million Government Ijarah Sukuk

Beginning with 26 April 2011 Central Bank of Bahrain on behalf of the Government of the Kingdom of Bahrain will put out BHD 200 million sukuk. The sukuk will mature in aproximatly 5 years.

Central Bank Of Bahrain Delegation Visits The Bahrain Financial Exchange

Rasheed Al Maraj led a high profile team from the Central Bank of Bahrain on a visit to the Bahrain Financial Exchange as part of a series of visits they will be making to key businesses of the Kingdom's economy.
The meeting discussed the current position of the economy and the business environment, and the Governor reassured the Bahrain Financial Exchange of the CBB's readiness to ensure the continuity of all of Bahrain's economic sectors.

Bahrain Economy Poised for Growth

Bahrain's economy remains on target to reach 4.5 percent growth, as banking operations in the country return to normal.
Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa confirmed that the country's economic outlook is bright despite recent events. Shaikh Ahmed shared positive economic indicators with the attending senior officials, including Central Bank of Bahrain Governor Rasheed Al Maraj, and stated that the economy has proven stable throughout recent events and is poised for further growth.

Bahraini bankers criticised central bank in lead-up to crisis

Some economists and bankers in Bahrain blamed the hesitant approach of the Central Bank of Bahrain for failing to identify problems in the country's banking sector in the lead-up to the crisis. That is the oppinion of WikiLeak.
The alleged cable was sent on November 24 2009 by Joseph Adam Ereli, the United States' ambassador in Bahrain to the US Secretary of State.

Bahrain central bank grants licence to Bank of London and The Middle East

The Bank of London and The Middle East has been granted a licence by the Central Bank of Bahrain to open an office in the kingdom. The bank is a Financial Services Authority authorised independent wholesale Sharia-compliant bank based in London.

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