The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, today announced that it has appointed Ratings Intelligence Partners (RI) as its Shari'ah Advisor.
RI, one of the world's leading organizations of its kind, will provide a number of important support services to the BFX leading up to its launch in October of this year; most notably, advisory services to the BFX to ensure the adherence of the BFX's Murabaha platform to Islamic principles. RI will also develop a formal structured documentation process for the BFX's Islamic products.
Commenting on the announcement Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BFX Clearing and Depository Corporation, said: "We are extremely pleased to work with the most respected Shariah scholars in the development of the BFX's Islamic products which will support best practices in the Islamic financial sector. Being in the MENA region, we view Shari'ah-compliant financial instruments as one of the key drivers to achieve our strategic growth plans. Through Ratings Intelligence consultancy services, we are confident that our offerings are in line with the high expectations of the discerning Islamic market."
In addition to its role as an advisor, RI will also liaise with the Shari'ah Supervisory Boards (SSB) of BFX members across the region to obtain approval for the BFX's Islamic finance products. RI's eminent and experienced scholars will also give the SSBs a clear understanding of the nature of the BFX's products and provide answers to any issues raised. The Shari'ah Control Committee of RI is comprised of Dr. Muhammad Ali El-Gari, who serves as its Chairman, Dr. Abdul-Sattar Abu Ghuddah, Dr. Nazih Hammad, and Dr. Mohammed Amin Ali Qattan.
Dr. Mushtaq Shah the CEO of Ratings Intelligence commented: "We look forward to providing our deep expertise in Islamic finance to the BFX's innovative product roadmap which will provide the BFX's customers with reliable and comprehensive Islamic investment solutions that cater to the needs of a varied class of financial institution."