IslamicFinance.de

The Bank of London and The Middle East has been granted a licence by the Central Bank of Bahrain to open an office in the kingdom. The bank is a Financial Services Authority authorised independent wholesale Sharia-compliant bank based in London.

The Central Bank of Bahrain wants to reinvent Islamic finance as it suggests that smaller players may be squeezed out of the US$1tn market as regulatory standards tighten.
Governor Rasheed Al-Maraj told the 17th annual World Islamic Banking Conference in Bahrain that Sharia compliant institutions must rethink their business model as credit and growth levels enjoyed prior to the 2007-8 crisis are unlikely return.

Bahrain-based Tharawat Investment House has distributed more than nine per cent of sukuk profits for its key fund.
The Islamic investment, which was regulated by the Central Bank of Bahrain, has announced the distribution of profits for Tharawat Sukuk Fund in excess of 9pc, which became due last month for the first six-month period from February to September.
The announcement by Tharawat of the distribution of profits on time comes against a backdrop of ongoing fluctuations on the world and regional markets, reflecting the strength of the company's performance, its portfolio and sound strategy pursued by the portfolio for generating high returns to its investors.
The fund buys sukuk on the preliminary and secondary capital markets.

Leading banks in the Kingdom of Bahrain will come to Washington D.C. on the 8th of October 2010 when the Bahrain Association of Banks (BAB) hosts an important reception at the Mandarin Oriental Hotel.
The reception is in honour of Bahrain's delegation to the IMF/World Bank meetings. The delegation will be led by H.E. Shaikh Ahmed B?n Mohammed Al-Khalifa, the Minister of Finance, H.E. Mr Rasheed Mohammed Al Maraj, the Governor of the Central Bank of Bahrain and Mr Abdulkarim Bucheery, CEO of BBK and BAB's Chairman.
The financial community of the Kingdom of Bahrain has shown the depth of its support for the event through sponsorship, which includes Ahli United Bank, BBK Bank Muscat International, Gulf International Bank, Investcorp, Kuwait Finance House, National Bank of Bahrain and United Gulf Bank, together with the Economic Development Board of Bahrain.

The current size of the Islamic finance of $1 trillion could be doubled by 2020. This potential can only be exploited through innovation, diversification and consolidation which will create sustained growth patterns, a top official at the Central Bank of Bahrain told.
The seminar titled Business Models in Islamic Finance: Challenges and Opportunities, was organised by the Islamic Financial Services Board (IFSB) and was sponsored by the Kuwait Finance House (KFH).
As a result, the Governor added, projections of spectacular future growth of the industry which rely on extrapolating the growth trends of the last five or ten years may not be the best guide to the future.

Bahrain is finalising a USD 500 mn Sukuk, said Central Bank of Bahrain Governer Rasheed Al Maraj. The sukuk, would consist of a USD 250 mn refinancing for an existing sukuk that matures in June, and a new USD 250 mn issue, both scheduled to be issued by the end of May.