GFH to launch shariah-compliant services at Bahrain Bourse
CONSTRUCTION NEWS
GFH Financial Group (GFH) today (March 24) signed an agreement with Bahrain Bourse and the Central Bank of Bahrain (CBB) for starting its new Murabaha service in the kingdom.
The service, launched in May last year, is being provided through the utilization of Sharia’a-compliant Ijara Sukuk as the underlying asset for the undertaking of Murabaha transactions.
The agreement was inked by GFH Chief Operating Officer Salah Sharif at a virtual event attended by Bahrain Bourse CEO Shaikh Khalifa bin Ebrahim Al Khalifa and the CBB Executive Director (Banking Operations) Shaikh Salman bin Isa Al Khalifa.
As per the agreement, GFH will now have access to the online service, which offers unique sharia’a-compliant solutions and trading opportunities that will in inturn support the continued growth of the group's treasury and capital markets business activities, its significant and expanding business line.
Among the other benefits of the Murabaha service are significant reductions in processing time for its clients and support for the continued expansion and position of Bahrain as the global capital of the Islamic economy.
Commenting on the deal, Sharif said: "We’re extremely pleased to sign this agreement with Bahrain Bourse for the use of its innovative Murabaha service. Access to the platform is another important step among our broader efforts to further build our trading activities and this service will provide us with new opportunities and greater efficiency as we do so."
"We look forward to maximizing the benefits of the service and to continue contributing to the growth of the Islamic capital markets and Bahrain’s leadership in Islamic banking and finance overall," he added.
Bahrain Bourse COO Narjes Jamal said: “We are pleased to see the growing demand for the Murabaha service since its launch last year."
"We are continuously seeking to offer alternative investment solutions to meet the requirements of a broader range of individual and institutional investors, as this comes in line with BHB’s effort to enhance the investment environment and develop the capital market in Bahrain," he added.-TradeArabia News Service
