BisB, Bahrain Bourse join hands for Murabaha Financing Digital Service

TDT | Manama

Bahrain Islamic Bank (BisB) announced signing an agreement with Bahrain Bourse for a Murabaha Financing framework using a Shari’a compliant lending service, with the underlying being Ijara Sukuk provided by the Central Bank of Bahrain (CBB). The signing ceremony held virtually was attended by the Chief Corporate & Institutional Banking at BisB, Wesam Baqer, and COO of Bahrain Bourse, Narjes Farookh Jamal.

With the rising trend for ethical alternatives, and Shari’a compliant financing solutions prompting a rise in Sukuk issuances, the newly offered Murabaha service is set to address the growing market demand and further develop the capital market in Bahrain.

“With this agreement, we wanted to contribute to elevating the Kingdom’s position and maintain its competitiveness on the Islamic finance map which continues to hold significant growth potential. Moreover, on the heels of launching our latest open banking service, with the lending servicing being a digital Islamic offering, it comes in line with our efforts to promote and expand financial technology in the Kingdom,” said the Chief Corporate & Institutional Banking at BisB, Wesam Abdulaziz Baqer.

Narjes Farookh Jamal, COO of Bahrain Bourse, commented, “The launch of the Murabaha Sukuk service aims to enhance the diversification of services offered by Bahrain Bourse through providing new Shariah-compliant financing solutions to participating bank and their underlying clients.”