BMA to host major workshop on Islamic finance in Japan
The Bahrain Monetary Agency (BMA) is holding a major workshop in Tokyo, Japan, to foster a better understanding of Islamic finance and Bahrain’s importance as the premier financial centre in the Middle East.
The event, titled ‘Islamic Finance: opportunities in Banking & Insurance’, will be held on 12th June 2006 at the Japan National Press Club.
The event will feature key presentations by Mr. Rasheed Mohammed Al Maraj, Governor of the BMA, who will highlight the development of Islamic finance and BMA’s approach to regulating Islamic financial institutions, and Shaikh Mohammed bin Isa Al Khalifa, Chief Executive of the Economic Development Board (EDB), who will provide an overview of the strength of Bahrain’s economy and the wide-ranging investment opportunities in the Kingdom.
They will be supported by Dr Taha Eltayeb Ahmed, Head, Islamic Finance Learning Centre at the Bahrain Institute of Banking & Finance (BIBF), who will define the basic concepts of Islamic finance and outline the latest developments and opportunities in this rapidly growing industry.
Mr. Abdul Rahman Tolefat, Head of Licensing & Policy for Islamic Financial Institutions, at the BMA, provide an understanding of Islamic insurance (takaful), the opportunities for growth and BMA’s regulatory framework for the takaful industry.
The workshop, which is the first of its kind to be organized by the BMA in Japan, targets a select audience of representatives of Japan’s financial services industry, decision makers, opinion makers and the media.
“This is the most significant effort to be made by the BMA in Japan, to promote greater awareness of Islamic finance and the tremendous potential this rapidly growing industry offers,” said Mr. Al Maraj.
Through the holding of this workshop, the BMA hopes to build on Bahrain’s status as the world’s premier Islamic banking and finance centre. It will also reinforce the BMA’s own leadership in the regulation and supervision of the Islamic financial services industry and as a supporter of sound and sustainable financial innovation.
“We hope this workshop will create new opportunities for cooperation in the economic and financial arena between Bahrain, which is the gateway to the wider Middle East region, and Japan, a major world economy,” Said Mr. Al Maraj.
This workshop is a further step in this direction and follows the forging of a key partnership between the BMA and the Tokyo Commodity Exchange (TOCOM), the world’s leading bullion and energy exchange.