The Bahrain Financial Exchange (BFX) announced that Al Baraka Banking Group (ABG) has become a registered user of Bait Al Bursa, the Islamic finance division of the BFX. BFX is the first multi-asset exchange in the Middle East and North Africa (Mena) region and Al Baraka Banking Group (ABG) is a well-known leading international Islamic financial group.
The BFX Bait Al Bursa’s offerings come at an appropriate time where the Islamic market is eager for new pioneering and innovative products. e-Tayseer, Bait Al Bursa’s Murabaha liquidity management platform, is designed to make ABG scheduling and execution of their Murabaha transactions more streamlined and afford its users the benefit of reduced trade life-cycle and manual paperwork procedures resulting in savings of time and cost in executing the transactions. Additionally, it also offers a secure online environment with identifiable Shariah-compliant underlying assets located in the GCC region.
Adnan Ahmed Yousif, President & Chief Executive & Member of the Board of Directors of ABG stated: “We are very pleased with our decision to become a registered user of Bait Al Bursa. Our group will benefit greatly from the advantages of its first product e-Tayseer which we trust will further strengthen our Murabaha dealings efficiencies and we wish the BFX as a whole all the best in delivering their future plans.”
He added: “Innovative and pioneering initiatives like e-Tayseer will add-up to the efforts of the Islamic finance industry to achieve higher levels of excellence and sophistication.”
Arshad Khan, Managing Director and CEO of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: “We welcome Al Baraka Banking Group and we take pride in partnering with such a reputed and leading Islamic financial institution. The participation of ABG on the e-Tayseer platform is a significant accomplishment for the BFX.”
Abdul Rahman Al Baker, Executive Director — Financial Institutions Supervision at CBB said: “We are delighted with the partnership between the Bahrain Financial Exchange and the Al Baraka Banking Group which we believe will benefit and improve the current method of conducting the Murabaha transactions by the Al Baraka Banking Group.”