Bahrain Offers London Leading Islamic Finance Know-How
INNAUGURAL EURO WORLD ISLAMIC BANKING CONFERENCE AIMS TO ENHANCE GLOBAL UNDERSTANDING OF DYNAMIC INDUSTRY SECTOR
8th July 2008, London: Giving a key note address at today's Euro World Islamic Banking Conference (Euro WIBC) in London, Shaikh Mohammed bin Essa Al-Khalifa, Chief Executive of the Bahrain Economic Development Board (EDB) praised the development of the UK's Islamic Finance sector and encouraged further cooperation between the UK and Bahrain's already mature Islamic finance industry.
The success of the World Islamic Banking Conference, held in Bahrain for the last 15 years inspired the Euro World Islamic Banking Conference to be established, the first being this year, in London.
Sheikh Mohammed acknowledged the rapid and sustained growth of the UK's Islamic Finance sector noting that there are currently over 20 banks providing Islamic Financial services, more than the rest of Western Europe combined and that the City of London is home to Europe's only stand alone Islamic institutions, including investment banks, retail banks and a Takaful provider.
Bahrain is recognized as the world's centre for Islamic Finance with more Islamic Finance institutions than anywhere else in the MENA region. Bahrain was the first to market, in 2001, with Prudential - PIRI regulations specific to the Islamic banking industry and, also in 2001, Bahrain's Central Bank was the first to develop and issue Sukuk products. In 2005, Bahrain again led the field and created the first ever comprehensive regulatory framework specific to Takaful and re-Takaful companies.
This year the Central Bank of Bahrain is implementing the new international regime on capital adequacy and risk management, Basel II, with specific changes for Islamic banks. This is a global first led by Bahrain.
Commenting on Bahrain's willingness to promote deeper links between Bahrain and the UK in Islamic Finance, Shaikh Mohammed, in his keynote address said: "Bahrain's knowledge, expertise and success within the Islamic Finance industry is there to be used as a channel to facilitate the growth of Islamic Finance globally. Whether this means working with governments or in the wider context of financial centres like the City of London as its institutions develop their Islamic finance expertise. We can, and do, help."
In addition to first class Islamic Finance programmes and institutions which are influencing global banking and changing the financial centre landscape, Bahrain also leads the developing field of Islamic Finance education and is home to the International Islamic Financial Market and also to the Islamic International Ratings Agency. Bahrain continues to be the partner for all firms looking to expand their Islamic Finance operations.
ENDS
About The Bahrain Economic Development Board (EDB)
The Bahrain Economic Development Board (EDB) is a dynamic Government agency with an overall responsibility for formulating and overseeing the economic development strategy of Bahrain, and for creating the right climate to attract direct investment into the Kingdom.
The role of the Bahrain EDB is to provide leadership by uniting all of the Kingdom's shareholders through a unified vision, and to develop key strategies for growth. The Bahrain EDB also acts as a facilitator, helping all of Bahrain's stakeholders to understand and adopt the changes necessary for progress. In addition, the Bahrain EDB provides sound project management to ensure that all agreed reform initiatives are implemented in an effective and timely manner.
The Bahrain EDB is also responsible for attracting inward investment into Bahrain, and is focusing on six target economic sectors in which the Kingdom offers significant strengths. These are financial services, downstream industries, tourism, business services, logistics and health, education and training.
More information on the Bahrain EDB is available on the Bahrain’s EDB’s website on www.bahrainedb.com
EDB Mission Statement
Our mission is to grow and diversify Bahrain’s economy by developing a strategy that supports the advancement of a modern and liberalized business environment, encourages inward investment and enables us to compete in the global marketplace.
We are dedicated to raising living standards by creating greater opportunities for our citizens and to make Bahrain the Gulf’s most welcoming, business friendly location. We will accomplish these goals by working in partnership with the public and private sectors, and by being passionate, professional and innovative in all that we do.