Focus on positioning the Kingdom as major development centre for Islamic Banking applications

Bahrain, November 22, 2004: The Bahrain Financial Harbour Holding Company today signed a Memorandum of Understanding (MoU) with Microsoft in Bahrain to co-market the IT and Support Services component of the Bahrain Financial Harbour Development, while working together to promote Bahrain as the leading centre for IT and related companies developing applications for Islamic banking services.

The MOU also covers BFH considering applying Microsoft's Enterprise Solutions in establishing and developing certain IT functions within the upcoming US$ 1.3 billion Bahrain Financial Harbour (BFH), the global financial and business hub in Manama.

The signing ceremony, which was held today on the sidelines of the ongoing Middle East Financial Technology Exhibition and Conference (MEFTEC), was attended by Mr. Esam Janahi, Chairman of Bahrain Financial Harbour Holding Company and Mr. Emre Berkin, Chairman of Microsoft Middle East and Africa.

Addressing a press conference immediately after the signing of the agreement, Mr.  Esam Janahi said: "Bahrain Financial Harbour is a pioneering initiative that is aimed at energising investments into Bahrain and making it a global hub for banking and finance. Being cognizant of the fact that technology is a key driver of growth for businesses across the world, this association with Microsoft is a key step forward in our plans to develop a highly advanced and cutting-edge technology and support service environment.

Mr. Ahmed Janahi, Board Member of BFH Holding Company further said that the Kingdom of Bahrain has, for last three decades, been the hub for the banking and financial sector in the region: "Through this collaboration, Microsoft has effectively leveraged its commitment to promote Bahrain as an enterprise IT destination. With our vision to enhance and develop Bahrain's premier status in the financial sector, we look forward to working with Microsoft to attract major software developers to use Bahrain as a base and Bahrain Financial Harbour as a shared services centre and a location for foreign investment. "  

Berkin explained: "We are committed to helping BFH take advantage of the best technologies Microsoft offers today. We will be working closely with BFH to look at different ways to deliver a number of services for this landmark project. This includes co-marketing the project to leading IT and shared services enterprises. BFH will also consider using Microsoft's latest technologies to create technologically advanced, knowledge-based smart offices within the BFH Project", added Berkin.

SamirBenmakhlouf, Country Manger for Microsoft in Bahrain stated: "Today's announcement marks an important step in our joint efforts with Bahrain Financial Harbour to work together on promoting Bahrain as a leading Islamic financial centre in the world. This effort will largely contribute to attracting IT, finance and related companies from different markets around the globe to consider the Kingdom as their preferred base of operation."

Mr. Esam Janahi added: "Given this backdrop we see a significant opportunity for us to work with an acknowledged technology leader such as Microsoft to develop Bahrain as a major technology centre for Islamic Banking applications."

Omar Draghmeh, Financial sector manger, Microsoft North Gulf (Kuwait, Qatar, Bahrain), said: "The timing of the MoU signing with BFH falls in the perfect time. It reinforces Microsoft's commitment to the project, to MEFTEC, and to Bahrain as the region's financial capital."

"Microsoft has realized the vital role Bahrain is playing in the financial services industry, therefore the opening of our new offices as well as the increased resources in this industry is just a good start. Microsoft is discussing details of taking up space within the Bahrain Financial Harbour development. I look forward to working closely and servicing BFH and the financial services institutions in Bahrain to reap the benefits of Microsoft technology and solutions, and realize its full potential," he added.

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© Press Release 2005