Shariah board gives scope for innovation, says official

The announced centralised Shariah board for Bahrain has been given wide authority to direct the innovation in Bahrain’s Islamic finance sector, said Governor of the Central Bank of Bahrain (CBB) Rasheed Al Maraj. He was speaking during the inauguration of the 22nd Annual World Islamic Banking Conference (WIBC) here yesterday. 

“Bahrain is renowned as a global Islamic finance hub, coming second in Thomson Reuters’ Islamic Finance Development Indicator (IFDI), reflecting its healthy ecosystem as the country seeks to increase the proportion of assets being managed from its jurisdiction,” he commented. 

Considered as the leading compass for the Islamic finance industry, the three-day event is being held under the patronage of Prime Minister HRH Prince Khalifa bin Salman Al Khalifa. More than 1,200 leaders of the industry from Europe, East Asia, Middle East and North Africa will participate.

The discussions will focus on the future progress of Islamic finance, which is celebrating the 40th anniversary.

WIBC 2015 hosted no less than four central bank Governors and deputy governors, featuring speeches and discussions by Rasheed Al Maraj, Executive President of the Central Bank of Oman Hamood Sangour Al Zadjali, Deputy Governor of the State Bank of Pakistan Riaz Riazuddin and Deputy Governor of the National Bank of Kazakhstan Nurlan Kussainov.

Hamood Sangour Al-Zadjali opined: “The Islamic finance industry will benefit from and lead wider socioeconomic development once an operational framework is set up”. 

Bahrain’s Economic Development Board (EDB) is hosting a delegation of 10 journalists representing business, finance and economic publications from China, UK, Malaysia and the GCC as part of the WIBC. 

The opening ceremony was attended by central bank dignitaries from Turkey, Bahrain, Kazakhstan, Oman, Pakistan, Sudan, South Africa and Indonesia, as well as senior officials from Abu Dhabi Global Market, Dubai International Financial Centre Authority, Qatar Financial Centre Authority, Toronto Financial Services Alliance, Luxembourg for Finance and the Ministry of Finance & Treasury of the Republic of Maldives.