World class Centre for Islamic Finance Studies launched in Bahrain

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The establishment of the Centre for Islamic Finance Studies (The Centre) was announced today by Mr. Rasheed Mohammed Al Maraj, Governor of the Bahrain Monetary Agency (BMA) and Mr. Khalil Nooruddin, Director, Bahrain Institute of Banking & Finance (BIBF), at a joint press conference held on the sidelines of the World Islamic Banking Conference (WIBC), currently underway in Bahrain.

The Centre is being financed by an endowment fund, which has been created by a BD500,000 contribution from the BMA in addition to financial support from Islamic financial institutions based in Bahrain and elsewhere.

'I would like to express my deep appreciation and thanks to HH Shaikh Khalifa bin Salman Al Khalifa, Prime Minister and Chairman of the BMA Board, for his support and encouragement for this important project,' said Mr. Al Maraj.

'Indeed, the Government of Bahrain has long viewed education and training as a critical foundation stone in the country's social and economic development. The support extended to The Centre is yet another practical demonstration of the Government's recognition and commitment for maintaining and strengthening Bahrain's competitive edge --- its human resources.'

Mr. Al Maraj also thanked financial institutions for their support for the Government's human resource development initiatives, in general, and The Centre, in particular.

The Centre, which becomes operational from January 2006, is based within the BIBF. Its main mission is to be a world leader in providing training, education and research in the Islamic banking and finance field, in order to better serve the global Islamic finance industry and further strengthen Bahrain's position as the world's Islamic finance hub.

'The Centre is envisaged as a catalyst for the next phase of development of the Islamic banking and finance industry,'

said Mr. Al Maraj. The degree programmes offered will create a new generation of professionally and technically qualified Islamic bankers and other professionals for the industry.

Bahrain is the ideal location for such a project, given the critical mass of Islamic financial institutions and support institutions based in the Kingdom, Mr. Al Maraj pointed out.

Mr. Nooruddin said key educational initiatives of The Centre include a number of highly specialized professional programmes, such as the Certified Shari'a Scholar (CSS), the Certified Shari'a Auditor (CSA), and the Certified Islamic Accountant (CIA).

On the research side, The Centre will direct its efforts to the practical aspects of Islamic banking and finance, aimed at stimulating product innovation.

'The BIBF has a track record for providing top quality training for the financial services industry. We are utilizing our experience in attracting a world-class faculty to provide professional training for the development of human resources for the Islamic finance industry,' said Mr. Nooruddin.

The Centre will coordinate with organizations serving the Islamic finance industry to create an International Accreditation Board to set standards for, and endorse its unique professional programmes.

'Our target is to create a fund of about BD3 million (US$8 million), in addition to a requirement of BD500,000 (US$1.32 million) to finance The Centre's premises,' said Mr. Nooruddin.

He thanked financial institutions that have contributed towards The Centre's establishment so far and looked forward to continued support from the industry in the future.