The lights went out for the country's 10 million people on Friday after the collapse of the nation's largest power plant crippled the whole grid
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This was announced yesterday by Khalid Hamad, executive director for banking supervision at the BMA, who is also elected as chairman of the Fund.
Addressing the Press Hamad said: "The Fund principal will be held in an account and the accruing income will be utilised for financing and publishing research, studies and surveys; making available specialised training workshops and other educational opportunities; organising discussions and debates on Islamic finance and Sharia issues; and undertaking other activities that further the mission of the Fund."
The founding members have signed an agreement to establish, control and manage the Fund, "which will be administered by the Bahrain Institute of Banking Finance (BIBF) and conducting training courses," he said.
Speaking to the Khaleej Times, Makkiya said that the second step will be to approach other regional and international banking and finance institutes for being partners in the Fund. There will be a total of 15 seats on the Fund's Board, which are open for appointments."
We expect the Fund principal to grow as more Islamic banks and financial institutions, including Takaful (Islamic insurance) companies, lend their support to this venture, which is aimed at serving the industry as a whole, Hamad added.
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