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.
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.
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.
Rasheed Al Maraj, Bahrain's central bank governor, stated that enders in the country have survived the 2008 financial crisis and the recent political unrest.
Although the first quarter brought a downside of 1.5%, the previous quarter was still up 8% compared to the same quarter last year.
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'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.
Bahrain is finalising a USD 500 mn Sukuk, said Central Bank of Bahrain Governer Rasheed Al Maraj. The sukuk, would consist of a USD 250 mn refinancing for an existing sukuk that matures in June, and a new USD 250 mn issue, both scheduled to be issued by the end of May.