The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA), announced today its sponsorship of the 17th World Islamic Banking Conference (WIBC 2010) as the Strategic Exchange Partner taking place on November 22, 23 and 24 in Bahrain.
The WIBC is widely recognised as the most important Islamic finance conference in the world and will be convened under the patronage of HRH Prince Khalifa Bin Salman Al Khalifa, the Prime Minister of the Kingdom of Bahrain. It is expected to attract over 1,200 leaders in Islamic finance from over 50 countries.
The theme for the WIBC 2010 is: "Building a new growth paradigm – Islamic banking and the new global financial landscape", and is regarded as an opportunity for Islamic financial institutions to look ahead at future challenges and opportunities within Islamic finance. The three-day event will feature critical discussions seeking to create greater understanding of the unique market conditions created by the global financial crisis.
Craig Hewett, the BFX's Chief Business Officer will be taking part in a presentation on 'Exchanges: the catalyst for growth in Islamic Finance – BFX leading the way' on November 23rd at 11:55am. The topic is particularly relevant to the BFX having just announced the launch of Bait Al Bursa, the region's first exchange operated platform dedicated to Islamic finance products. As part of Bait Al Bursa's initial product offering, this Islamic division will introduce e-Tayseer which is a fully electronic Shariah-compliant platform for transactions in supply, purchase and sale of assets for facilitating Murabaha transactions.
In addition, the BFX team will be delivering a training workshop on the first day of the event, focusing on 'The Evolution of Murabaha Trading: From Manual to Electronic Trading'. The workshop will be presented by Simone Carminati, Senior Vice President and Head of Business Development at the BFX, and Tahir Mahmood, Senior Manager – Islamic Markets at the BFX.
Commenting on the BFX's partnership, Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said, "As the Strategic Exchange Partner of the WIBC 2010, the BFX looks forward to sharing its knowledge and practices on how exchanges can play a key role in the growth of Islamic finance. We have undertaken extensive market research into the Islamic finance industry which shows that there are many opportunities still to be explored. Exchange traded solutions for the Islamic market are key to the development of the sector, and we look forward to sharing our findings and insights into this dynamic market area".
The Bahrain Financial Exchange (BFX) is the first multi-asset exchange in the Middle East and North Africa, which will be internationally accessible to trade cash instruments, derivatives, structured products and Shariah-compliant financial instruments. In addition to the electronic trading platform located on the 12th floor of the Bahrain Financial Harbour, the BFX Training Institute (BFX-TI) provides a consultative approach to training across Islamic and conventional finance, leadership and general management.