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Sunday, 23 March 2008

Centre urged to monitor Islamic banks

(Daily News, 23 March 08)

MANAMA: A Bahraini banker has urged the government to set up an information and research centre and a national council for Islamic banks to monitor the growth rate of the Islamic banking sector regionally and internationally.

Al Safwa Islamic Financial Services president Abdullatif Abdul Rahim Janahi told our sister paper Akhbar Al Khaleej on the sidelines of the 1st International Conference on Islamic Sukuk held in Bahrain recently that the Central bank of Bahrain needs to have a specialised team capable of safeguarding the kingdom's achievements in the field of Islamic banking, which has to be more creative in order to develop its products.

Bahrain was the first country to issue Islamic sukuk, but has not made any effort to internationalise the product, while many European countries are now depending on this product to finance government projects.

The UK, for example, has recently announced its decision to finance the London development project through Islamic sukuk, he added.

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