BMI Bank will offer trading and clearing services for BFX products to its customers across the Gulf region. It will also act as a Clearing Member for Trading Members and Authorised Remote Members of the BFX.
Manama, Bahrain - January 26, 2011: The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, announced today the appointment of BMI Bank (BMI), a Bahraini retail and commercial banking institution as a Trading and Clearing Member of the BFX. This is a significant milestone as the BFX increases its market outreach across the Middle East region.
BMI Bank is a Bahraini retail bank offering a full range of retail and commercial banking services and will be able to trade in multi-asset class products via the BFX electronic trading platform. As part of its membership, BMI Bank will also have access to the BFX clearinghouse, the BFX Clearing and Depository Corporation (BCDC), which will allow them to offer clearing and settlement services to their customers and to the other trading Members of the BFX. BMI Bank's shareholders include Bank Muscat (SAOG), the leading financial services provider in the Sultanate of Oman.
Commenting on this occasion, Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said, "We are pleased to welcome BMI Bank on board. BMI Bank is built on very solid financial foundations with one of the strongest and most respected financial institutions in the GCC area as its shareholders. Our commitment is to support BMI Bank with a wide range of trading and exchange services while providing robust risk management and trading facilities."
Jamal Ali Al-Hazeem, Chief Executive Officer of BMI Bank, commented on the agreement by saying, "This partnership with the BFX is in line with our commitment to providing our customers with unique opportunities that complement the bouquet of products and services that we offer. Both BMI Bank and the BFX are relatively young and dynamic institutions, and we will continue to build our synergies creating further opportunities for our customers as well as the regional financial markets."
In addition to 8 branches and 26 offsite ATMs, BMI Bank also operates an offshore bank in the Seychelles with a branch in Qatar, and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI recently celebrated its 5-year anniversary with a renewed commitment to invest in better customer service and innovative products leading to inspirational banking solutions.
BFX memberships are offered in four categories, allowing different levels of access to the market depending on the level of participation required by the financial institution and its clients. The membership categories are: Trading and Clearing Member, Trading Member, Clearing Member and Authorised Remote Member.
Upon joining the BFX, Members will be able to manage risk and enable investment in a well-regulated and secure environment with central counterparty clearing and settlement. This is also complemented with an in-house client services' team to respond to trader and user requirements.
All new BFX Members undertake exclusive training courses at the BFX Training Institute (BFX-TI). These courses introduce Members to the exchange's facilities, products, and procedures.
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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). www.bfx.bh
About BMI Bank B.S.C. (c)
A Bahraini retail and commercial banking institution, BMI Bank (BMI) is a retail bank, registered in Bahrain and regulated by the Central Bank of Bahrain offering a full range of retail and commercial banking services. BMI Bank operates in Bahrain through a network of 8 branches and 26 ATMs with net banking for easy access to services. The online platforms offered by BMI bank were awarded the prestigious Bahrain e-Content Award 2009 in the e-Banking category, recognizing ease of use of its comprehensive e-banking services in a safe and secure environment in which to conduct personal and business transactions.
BMI Bank also operates an Offshore Bank in the Seychelles, a branch in Qatar and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI Bank's shareholders include some of the strongest and most respected financial institutions across the GCC, including BankMuscat. BMI Bank is rated as Investment Grade.
BMI currently offers its customers a range of retail products and services including savings and current accounts, Ayadi savings account, Sapphire, its Premier Banking service, credit cards including Diners Club and La Carte, a co-branded credit card in partnership with Geant Hypermarket Bahrain, consumer and vehicle loans, mortgages and fixed deposits. In addition to Retail Banking, BMI offers full SME Banking, Premier Banking, Private Banking, Corporate Banking, Islamic Financial Services, and Treasury services
Narjes Yousif
Press & PR Executive
Bahrain Financial Exchange
Phone: +973 1651 1511
Mobile: +973 39339430
Email: narjes.yousif@bfx.bh
For BMI Bank media enquiries, please contact:
Gordon Andrade
Head, Corporate Communications
BMI Bank - Bahrain
Cell: +97339782225
E-mail: Gordon.andrade@bmibank.com
Afrah Faraj
Hill & Knowlton
Phone: +973 17533532
Email: afrah.faraj@hillandknowlton.com
© Press Release 2011
