Elaf Bank Honors the Malaysia International Financial Centre Delegation’s Visit to Bahrain

Published October 25th, 2009 - 07:58 GMT
Elaf Bank, an Islamic investment bank incorporated in the Kingdom of Bahrain, sponsored an exclusive dinner meeting on October 14, 2009 under the theme “Promoting the Exchange of Ideas” to commemorate the visit of the Malaysia International Islamic Financial Centre (MIFC) roadshow to the region. The MIFC delegation, which was led by the Crown Prince of the State of Perak, HRH Raja Dr. Nazrin Shah Ibni Sultan Azlan Muhibbudin Shah, who is also the Financial Ambassador of the MIFC initiative, included more than 70 senior officials from approximately 45 key financial institutions in Malaysia. The formal event, which was held under the auspices of HE Shaikh Ahmed Bin Mohammed Al-Khalifa, the Minister of Finance, was hosted at the Ritz-Carlton Hotel and attended by the MIFC delegation, as well as high-ranking officials and prominent business executives from Bahrain.
Dr. Jamil El-Jaroudi, CEO of Elaf Bank, welcomed all the distinguished guests and acknowledged the key players for their commitment to strengthen the business and financial cooperation between Malaysia and Bahrain. He recognized Bahrain as being among the emerging economies in the Gulf Cooperation Council region, playing a leading role in the development of the financial sector. Dr. Jaroudi emphasized that effective fiscal monitoring and accommodative economic policies of the Kingdom of Bahrain, as well as stringent regulatory laws of the Central Bank of Bahrain that continue to ensure good corporate governance, are what contributed to making Bahrain among the top emerging economies of the region.
Commenting specifically on Bahrain’s role in the Islamic banking industry in the region, Dr. Jaroudi stated: “The factors outlined above, to name a few, are what placed Bahrain on the map to become distinguished as the ‘Islamic banking hub’ of the Middle East.”
Malaysia’s efforts to develop and equip itself to be a major player in the Islamic financial market, recognizing that it is the center for Islamic finance in Southeast Asia, were also highlighted throughout the evening. Dr. Jaroudi identified Malaysia as an exemplary Islamic finance market and a source that other markets can revert back to when it comes to Islamic Finance.
The common ambition of both countries to become an Islamic financial hub recognized on an international level was introduced as a complementary opportunity for growing this market as opposed to an impediment, because joining the efforts of both countries will improve the standardization of Islamic products and offer diversification benefits on a much wider scale.  Dr. Jaroudi emphasized this point by stating: “Operating in both hubs will not only create more opportunities in terms of origination of deals, but  will also broaden the range of products and the distribution of deals and funds resulting from it, thus improving the liquidity and diversity to the investors.”
Dr. Jaroudi concluded the evening by stating: “Hopefully, this will be the first of many opportunities to come together and exchange ideas under a common platform of promoting bilateral ties between both Malaysia and Bahrain, and potentially pave the way to forging mutually beneficial alliances that will continue the momentum for growing this important industry.”

© 2000 - 2019 Al Bawaba (www.albawaba.com)

You may also like