The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (Mena) region, has launched its Islamic Finance division named ‘Bait Al Bursa’.

Bait Al Bursa will offer Shariah compliant solutions to a wide range of regional and international participants. Bait Al Bursa, signifies the “Home of Exchanges”, and represents the BFX’s vision of providing a single venue for all exchange traded business in the Islamic finance sector, a statement said.

As part of Bait Al Bursa’s initial product offering, the division will introduce a fully electronic Shariah-compliant platform, e-Tayseer for automating Murabaha transactions.

e-Tayseer has been built with the regional Mena market in mind ensuring that its underlying assets are identifiable, and the process flow is fully Shariah-compliant addressing some of the issues in the market today.

e-Tayseer offers financial institutions the option to purchase assets directly from asset suppliers to be used for their Murabaha liquidity management transactions in a secure online environment. With advanced automated features, e-Tayseer will make scheduling and execution of Murabaha transactions more streamlined and afford its users the benefit of reduced trade cycles and manual paperwork procedures.

“We are delighted to introduce Bait Al Bursa as an important milestone in the robust growth of the exchange and its commitment to fulfill the growing demand for sophisticated financial products across the Islamic market,” said Arshad Khan, managing director and chief executive of the BFX and the BCDC.

The BFX has sought Rating Intelligence to issue a Fatwa authorising both Bait Al Bursa’s platform as well as e-Tayseer.-TradeArabia News Service