The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, announced today the appointment of BMI Bank (BMI), a Bahraini retail and commercial banking institution as a Trading and Clearing Member of the BFX. This is a significant milestone as the BFX increases its market outreach across the Middle East region.
BMI Bank is a Bahraini retail bank offering a full range of retail and commercial banking services and will be able to trade in multi-asset class products via the BFX electronic trading platform. As part of its membership, BMI Bank will also have access to the BFX clearinghouse, the BFX Clearing and Depository Corporation (BCDC), which will allow them to offer clearing and settlement services to their customers and to the other trading Members of the BFX. BMI Bank’s shareholders include Bank Muscat (SAOG), the leading financial services provider in the Sultanate of Oman.
Commenting on this occasion, Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said, “We are pleased to welcome BMI Bank on board. BMI Bank is built on very solid financial foundations with one of the strongest and most respected financial institutions in the GCC area as its shareholders. Our commitment is to support BMI Bank with a wide range of trading and exchange services while providing robust risk management and trading facilities.”
Jamal Ali Al-Hazeem, Chief Executive Officer of BMI Bank, commented on the agreement by saying, “This partnership with the BFX is in line with our commitment to providing our customers with unique opportunities that complement the bouquet of products and services that we offer. Both BMI Bank and the BFX are relatively young and dynamic institutions, and we will continue to build our synergies creating further opportunities for our customers as well as the regional financial markets.”
In addition to 8 branches and 26 offsite ATMs, BMI Bank also operates an offshore bank in the Seychelles with a branch in Qatar, and has a 21.33% shareholding in Gulf African Bank in Kenya. BMI Bank owns the Diners Club Services Bahrain W.L.L and operates the Diners Club cards franchise in Bahrain. BMI recently celebrated its 5-year anniversary with a renewed commitment to invest in better customer service and innovative products leading to inspirational banking solutions.
BFX memberships are offered in four categories, allowing different levels of access to the market depending on the level of participation required by the financial institution and its clients. The membership categories are: Trading and Clearing Member, Trading Member, Clearing Member and Authorised Remote Member.
Upon joining the BFX, Members will be able to manage risk and enable investment in a well-regulated and secure environment with central counterparty clearing and settlement. This is also complemented with an in-house client services’ team to respond to trader and user requirements.
All new BFX Members undertake exclusive training courses at the BFX Training Institute (BFX-TI). These courses introduce Members to the exchange’s facilities, products, and procedures.