Bahrain to establish an International Islamic financial market

Bahrain has signed an agreement to establish an international Islamic financial market to help meeting the requirements of the Islamic financial establishments and banks.

News reports quoted the Bahrain monetary establishment as saying in a statement on Wednesday that it governor Sheikh Ahmad Bin Muhammad al-Khaleifa signed the agreement in Paris with Malaysia, Indonesia, Sudan and the Islamic bank for Development, noting that Bahrain will be the headquarters for this market.

The statement added that a council including the four said states and the IBD as well as representatives for Islamic financial establishments will be formed to take necessary steps to found the financial ( stock) market.

Officials and bankers from Bahrain, Malaysia, Indonesia, Brunei, Sudan and the IBD which ( the IBD) includes 53 met in Bahrain in June this year to review technical issues relating to the establishment of the said market.

The said market targets some Islamic financial establishments and banks serving 1.2 billion Muslims in various parts of the world.