Headed by HE Mr. Rasheed M. Al-Maraj, Governor of the Bahrain Monetary Agency (BMA) a delegation from the BMA and the Economic Development Board (EDB) hosted a workshop today (12th June 2006) in Tokyo, Japan on the development of Islamic Banking and Finance in the Kingdom of Bahrain.
The workshop was attended by a large number of senior Japanese banking sector officials, which reflects their vast interest in Islamic banking and the development of Bahrain as an International Financial Centre.
HE the Governor addressed the workshop explaining the role of the BMA in developing the financial sector of Bahrain in general, and the development of Islamic banking and Takaful (Islamic Insurance) business in particular.
He also briefed the attendees on the efforts made by the BMA for the development of the Islamic banking sector, with special reference to the supervisory and regulatory aspects, explaining that in 2005 the BMA launched a special Rulebook of a complete regulatory framework for Islamic banks.
HE the Governor also explained the development of the Takaful sector in Bahrain, highlighting the opportunities that this business presents for the development of the Islamic financial industry.
The workshop also included a presentation on the role of the EDB, providing an overview of the strength of Bahrain’s economy and the wide-ranging investment opportunities in the Kingdom.
The interaction and participation of the officials and bankers who attended the workshop clearly indicates their interest in the development of Bahrain financial sector, in particular Islamic finance.