Ithmaar Bank, a Bahrain-based Islamic retail bank, announced today (ed note: 06/04/21) that it has signed an agreement with the Bahrain Bourse allowing the Bank to utilise the Ijara Sukuks issued by the Central Bank of Bahrain (CBB) as underlying assets to complete Murabaha Finances using an innovative, Sharia-compliant brokerage service introduced by the Bourse through its electronic platform.
The announcement follows a signing ceremony that was hosted entirely online with the Bahrain Bourse Chief Executive Officer, Shaikh Khalifa bin Ebrahim Al Khalifa, the CBB Executive Director of Banking Operations, Shaikh Salman bin Isa Al Khalifa, and the Ithmaar Bank Chief Executive Officer, Ahmed Abdul Rahim, each signing an electronic copy during a live video call.
“Ithmaar Bank is committed to becoming the Islamic retail bank of choice,” said Abdul Rahim. “To do so, we invest heavily in continuously enhancing our products and services while growing closer to our customers,” he said.
“An important component of this commitment is working to ensure we remain at the cutting edge of technology while continuously enhance our customer’s Islamic banking experience,” said Abdul Rahim. “This agreement with the Bahrain Bourse checks both these key criteria, while also reinforcing Bahrain’s position as a regional banking and finance hub,” he said.
“As part of Bahrain Bourse’s continuous efforts to develop the Capital Market in the Kingdom of Bahrain, and in line with our strategic goal of cultivating capital raising and investment opportunities, we introduced an online Murabaha service for banks and corporates,” said Shaikh Khalifa. “The service meets growing customer demand and supports the Bourse's efforts to expand and diversify its services with new, innovative solutions,” he said.
“We are pleased to welcome Ithmaar Bank on to the platform, and are confident it will help further enhance their customers’ Islamic banking experience,” said Shaikh Khalifa. “We hope other Islamic retail banks follow suite, and we look forward to welcoming other banks on board in the near future,” he said.
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