Al Baraka joins BFX Islamic unit
Manama, November 19, 2011
Al Baraka Banking Group (ABG), a leading international Islamic financial group, has become a registered user of Bait Al Bursa, the Islamic finance division of Bahrain Financial Exchange (BFX).
The first multi-asset exchange in the Mena region, BFX said its Bait Al Bursa offerings come at a time when the Islamic market is eager for new pioneering and innovative products.
Bait Al Bursa’s Murabaha liquidity management platform e-Tayseer is designed to make ABG scheduling and execution of their Murabaha transactions more streamlined and afford its users the benefit of reduced trade life-cycle and manual paperwork procedures resulting in savings of time and cost in executing the transactions.
Additionally, it also offers a secure online environment with identifiable Shariah-compliant underlying assets located in the GCC region.
Adnan Ahmed Yousif, president, chief executive & board member of ABG, said, 'We are very pleased with our decision to become a registered user of Bait Al Bursa.'
'Our group will benefit greatly from the advantages of its first product e-Tayseer which we trust will further strengthen our Murabaha dealings efficiencies and we wish the BFX as a whole all the best in delivering their future plans,' he noted.
“Innovative and pioneering initiatives like e-Tayseer will add-up to the efforts of the Islamic finance industry to achieve higher levels of excellence and sophistication, ” Yousif added.
Abdul Rahman Al Baker, executive director - Financial Institutions Supervision at CBB said: 'We are delighted with the BFX-ABG partnership which we believe will benefit and improve the current method of conducting the Murabaha transactions by Al Baraka.'
'Such innovative contributions by the BFX and the ABG will result in the further development of the Islamic Finance industry. The CBB supports such initiatives as they help in achieving greater transparency and improved efficiency in the liquidity management process between the Islamic financial institutions,' he added.
Arshad Khan, managing director and CEO of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: “The participation of ABG on the e-Tayseer platform is a significant accomplishment for the BFX. We believe that both the ABG and the BFX share similar business principles and we look forward to working closely in the future.”
A first of its kind in the region, e-Tayseer is a fully automated platform for transactions in the supply, purchase and sale of assets for facilitating Murabaha transactions.-TradeArabia News Service