| 31 Aug 2010 |
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BFX appoints RI as Shariah adviser
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MANAMA: The Bahrain Financial ExchangeBahrain Financial Exchange
(BFXBFX) has appointed Ratings Intelligence Partners (RI) as its Shariah adviser. RI, one of the world's leading organizations of its kind, will provide a number of important support services to the BFXBFX
leading up to its launch in October of this year; most notably, advisory services to the BFXBFX to ensure the adherence of the BFXBFX's Murabaha platform to Islamic principles. RI will also develop a formal structured documentation process for the BFXBFX's Islamic products."We are extremely pleased to work with the most respected Shariah scholars in the development of the BFXBFX's Islamic products which will support best practices in the Islamic financial sector. Being in the MENA region, we view Shariah-compliant financial instruments as one of the key drivers to achieve our strategic growth plans," said Arshad Khan, managing director and chief executive officer of the BFXBFX and the BFXBFX Clearing and Depository Corporation, while commenting on the appointment.
"Through Ratings Intelligence consultancy services, we are confident that our offerings are in line with the high expectations of the discerning Islamic market," he added.
By MAHMOOD RAFIQUE
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