Craig Hewett, Chief Business Officer at BFX
The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA), sponsored the 10th Islamic Finance Summit as the Strategic Exchange Partner. The Summit, which was held at the Landmark Hotel from 21st to 23rd February in London, United Kingdom, provided an ideal platform for the BFX to highlight the significant role it plays in reinforcing and driving liquidity in the Islamic finance markets in the MENA region with Bahrain acting as the hub.
The Euromoney Islamic Finance Summit is an internationally renowned annual event with a prime focus on the emerging US$ 2trillion Islamic Finance industry. The three-day event attracted over 400 industry leaders in Islamic finance. The theme for this year’s event was “The Globalisation of Islamic Finance” and was regarded as an opportunity for Islamic financial institutions from around the world to look ahead at future challenges and opportunities within the Islamic finance industry.
The BFX’s Islamic division, Bait Al Bursa, began operations of its innovative e-Tayseer platform offering Murabaha liquidity management solutions on the 7th February 2011. As the first fully Islamic automated platform for transactions in the supply, purchase and sale of assets, e-Tayseer offers the next stage in Murabaha transactions. A unique characteristic of e-Tayseer is that it offers various Shariah-compliant assets located in the MENA region as well as globally. Furthermore, e-Tayseer is purposely developed to streamline the scheduling and execution of Murabaha transactions and afford its users the benefit of reduced trade cycles and manual paperwork procedures.
On the sidelines of the three-day summit, a number of panel discussions took place looking at the booming industry, and aiming to raise awareness of the unique market conditions that have developed as a result of the global financial crisis. Mr. Craig Hewett, Chief Business Officer represented the BFX on a panel discussion that debated the “contemporary solutions and tools for liquidity management and the role of exchanges in Islamic finance”. During the panel discussion, Mr. Hewett introduced the audience to the BFX’s Islamic Finance division, Bait Al Bursa, and explained how e-Tayseer can support the development of the Islamic finance industry as well as highlighting the unique benefits of exchange trading and how these can be utilised within Islamic finance.
Commenting on the BFX’s partnership, Mr. Craig Hewett, Chief Business Officer of the BFX, said, “We see the 10th Islamic Finance summit as the optimal platform from which to augment the recent launch of e-Tayseer and the BFX’s dedicated Islamic finance division, Bait Al Bursa. There exists a wealth of opportunities in the Islamic finance market that mostly remain untapped, especially in the MENA region. We participated at the Euromoney Summit with the aim of sharing our insights and learning from our peers, as well as looking at how to best develop the Islamic finance industry and to support its growth.”
The BFX provides a unique opportunity for the MENA financial services sector to link-in with established markets and take a step forward on the global financial services stage.