MANAMA: Bahrain Bourse (BHB) has introduced the murabaha service for banks and corporates.
The service aims to meet the growing needs of interbank, corporate and retail clients, and supports BHB’s efforts to diversify capital raising and investment offerings and cater to various market segments.
The murabaha service is provided through the use of Sharia-compliant ijara sukuk, as the underlying asset for all the Murabaha transactions.
An online service offering unique advantages to financial institutions and clients seeking Sharia-compliant solutions and trading opportunities will be used for facilitating ijara sukuk-based murabaha transactions.
Bahrain Bourse chief executive Shaikh Khalifa bin Ebrahim Al Khalifa commented, “The murabaha service aims to further bolster Bahrain’s position as a hub for Sharia-compliant transactions. The roll-out of ijara sukuk-based murabaha aims to enhance product development and innovation within Islamic finance, which is expected to deepen Islamic debt market in the kingdom.
“The service is set to attract further regional and international interest to help better address Sharia-compliant financing solutions on behalf of a growing range of businesses and individuals. The innovative service further complements our existing asset class offerings,” he added.
The murabaha service aims to provide significant reductions in processing time for its participants, and is playing a growing role in the expansion and position of Bahrain as the global capital of the Islamic economy.
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