Bahrain establishes Waqf Fund

MANAMA — In a major development in the arena of research and training in Islamic finance, Bahrain established the Waqf Fund with the Bahrain Monetary Agency (BMA) and eight Islamic banks as founding members. The $4.6 million fund is the first of its kind in the region.

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By From Our Correspondent

Published: Wed 21 Jun 2006, 10:30 AM

Last updated: Sat 4 Apr 2015, 3:25 PM

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.

The Fund will complement the activities of the existing Islamic finance industry support institutions, namely Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI), International Islamic Finance Market (IIFM), Islamic International Rating Agency (IIRA), General Council for Islamic Banks and Financial Institutions (CIBAFI) and the BIBF, whose Islamic Learning Centre is a recognised world leader in Islamic finance related training.

From Our Correspondent

Published: Wed 21 Jun 2006, 10:30 AM

Last updated: Sat 4 Apr 2015, 3:25 PM

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