Jul 04 2011 |
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The CBB and the BFX host workshop for Islamic Banks in Bahrain
Workshop focused on e-Tayseer which is a fully automated Shariah compliant platform launched by the
BFX
for the supply, purchase and sale of assets for facilitating Murabaha transactions between the financial institutions
The workshop focused on e-Tayseer which is a fully automated Shariah compliant platform launched by the BFX for the supply, purchase and sale of assets for facilitating Murabaha transactions between financial institutions. The workshop was followed by a question and answer session, during which those in attendance had an opportunity to interact directly with the senior management at the CBB and the BFX .
Commenting on this occasion Mr. Khalid Hamad, Central Bank of Bahrain , said, "The BFX is an integral component of Bahrain's financial industry. It has established Bait Al Bursa as its Islamic finance division to exclusively offer exchange traded Islamic financial instruments. One key advantage of an exchange is that it does not compete with the banks and financial institutions. Instead its aim is to help the institutions in ways such as increasing accessibility, standardization, and transparency. We believe that exchange traded products such as e-Tayseer can advance Islamic finance to the next level."
Mr. Arshad Khan, Managing Director & CEO of the BFX said, "The uniqueness of the BFX is something Bahrain can take advantage of. Not only is it a multi-asset exchange, which means it can offer both conventional cash and derivatives products, it can also offer Shariah-compliant financial instruments. And with Bahrain being the hub for Islamic finance, it is most appropriate to have the leading Shariah-compliant exchange hosted in the Kingdom of Bahrain. The BFX has launched e-Tayseer to facilitate Murabaha transactions between financial institutions. e-Tayseer addresses many existing issues and also improves the way of conducting Murabaha transactions. We have worked closely with our Shariah advisors to ensure the product is Shariah-compliant, and are now working to extend the functionality of e-Tayseer to allow for corporate and retail transactions too."
About
Bahrain Financial Exchange
(
BFX
):
The
Bahrain Financial Exchange
(
BFX
) is a pioneering cross border and multi-asset exchange in the Middle East and North Africa, which is internationally accessible to trade securities, derivatives, structured products and Shariah-compliant financial instruments. The
BFX
has set up the
BFX
Clearing and Depository Corporation (BCDC) to clear and settle the contracts it trades. The
BFX
and the BCDC are licensed and regulated by the
Central Bank of Bahrain
(
CBB
).
The BFX is a wholly owned initiative of Financial Technologies Group (FT Group), which currently owns one of the world's largest networks of 10 exchanges connecting fast‐growing economies of Africa, Middle East, India and South East Asia.
Bait Al Bursa (BaB) is an Islamic finance division of the BFX , exclusively offering electronic exchange traded Islamic financial instruments. Bait Al Bursa signifies the 'Home of Exchanges', and represents the BFX 's vision of providing a single venue for all the exchange traded business in the Islamic finance sector.
The BFX Training Institute ( BFX -TI) is an internationally accredited training institute, providing world class conventional and Islamic financial training and education courses.
The BFX is a member of the Futures and Options Association (FOA), the International Islamic Financial Market (IIFM), the Accounting and Auditing Organization for Islamic Financial Institution (AAOIFI), and a member of the Associations of Futures Markets (AFM).
Central Bank of Bahrain
External Communications Unit
media@cbb.gov.bh
Tel: (+973) 17547360 / 17547357
© Press Release 2011
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