MANAMA: Bahrain has been chosen as the Islamic finance knowledge hub by international business intelligence firm Thomson Reuters.
The hub will initially employ 21 Bahrainis, and this is expected to grow over time.
A two-year training period will also be provided to equip the individuals with the knowledge and skills required to become Islamic finance specialists, through a combination of in-class training and intensive mentoring and on-the-job training.
The Islamic finance hub will provide institutions focused on the sector with vital quality and breadth of timely information, with up-to-the-minute data and categorised content for each financial instrument, as well as in-depth analysis of markets and assets classes.
Coverage of all information and transaction requirements, from treasury and asset management to Sharia advisory and legal counsel, will be provided through dedicated communication, knowledge and transaction systems. This will allow the sharing of content and transactions with counterparties in addition to displaying prices and covering recent trends, coverage and analysis.
"The establishment of such a knowledge hub for providing potentially market moving information is vital for the growth and the cross-border expansion of the $1.2 trillion Islamic finance industry," said Thomson Reuters global head of Islamic finance Rushdi Siddiqui at the launch of the hub at the Capital Club yesterday.
"This will allow global and regional institutions to develop confidence in price discovery, pre-trade information and trade execution."
"In history the source of power was with money which was in the hands of the few. Today power is about information.
"Bahrain has been the locomotive that has driven the Islamic finance industry for 20 to 30 years and that is a journey that will continue. That is why we have come to Bahrain."
"Bahrain has been a pioneer in the Islamic finance sector, and the establishment of this knowledge hub by Thomson Reuters will both enhance the kingdom's position in the sector and in the global knowledge economy. We have always placed a great deal of emphasis on making sure we have a local workforce that has the skills needed by international businesses and this initiative will support the development of the next generation of highly-skilled Bahraini Islamic finance experts," said Bahrain Economic Development Board (EDB) acting chief executive Kamal Ahmed.
"Along with promoting entrepreneurship and innovation, encouraging and supporting foreign investments is among the key means in which Tamkeen is fostering the creation and development of enterprises," said Tamkeen chairman Shaikh Mohammed bin Essa Al Khalifa.
"Working with the EDB, Tamkeen works to ensure that these investments create sustainable opportunities for local industries and Bahrainis alike."
(Gulf Daily News / 05 Oct 2012)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com