by admin | May 25, 2021 | Business Summit, Events, Muslim World
Manama : The General Council for Islamic Banks and Financial Institutions (CIBAFI), the umbrella of Islamic financial institutions, in cooperation with S&P Global Ratings and under the patronage of the Central Bank of Bahrain (CBB), launched a Seminar on Credit Ratings: Focus on Islamic Banks and Sukuk Ratings Methodology in Bahrain’s capital Manama on Sunday.
The seminar, which is being supported by Ithmaar Bank and the Bahrain Association of Banks, is aimed at engaging participants in the discussion on different credit rating criteria focusing on sovereign, Islamic banking and sukuk rating methodologies.
Both S&P Global Ratings and the General Council for Islamic Banks and Financial Institutions raised important views on the above topics, during the opening remarks, according to a press statement from the CBB.
In his welcoming address, CIBAFI Secretary General Abdelilah Belatik said: “We are delighted to see our member banks taking this opportunity to learn firsthand about Credit Rating and its impact on Islamic Financial Institutions. We also hope that these two days will help our members to understand in practical terms how Islamic banks and sukuks are rated from rating agency perspective.”
“Our collaboration with S&P Global Ratings is the first in the area of awareness and professional development, we are committed to continuing to bring the latest industry-driven initiatives to our members,” he added.
Commenting on the seminar, Dr. Mohamed Damak, head of Islamic Finance at S&P Global Ratings, said: “S&P Global Ratings is delighted to cooperate with CIBAFI on this training on banks and sukuk ratings. We are committed to providing such training sessions to enhance stakeholders’ understanding of our rating methodologies and promote transparency.”
Delegations from Bahrain, Bangladesh, Sudan, Saudi Arabia, Kuwait and the United Arab Emirates, as well as CIBAFI member institutions and regional regulators will engage in insightful discussions with senior directors from S&P Global Ratings.
The seminar topics have been prepared to cover areas including sovereign rating criteria, bank-specific rating factors, Islamic and conventional banking ratings and sukuk rating methodologies. Participants in the seminar will also discuss the sovereign ratings of the Gulf Cooperation Council (GCC) states, the future outlook for these countries and their banking sectors, as well as the risk assessment of each country, among many other topics.
This seminar is an initiative that is aligned with CIBAFI’s endeavor to enhance capacity building in the Islamic Financial Services Industry (IFSI) and increasing awareness and information sharing through partnerships between industry stakeholders and CIBAFI members, by the creation of a platform for face-to-face dialogue and closed-door discussions. It is also a part of the many initiatives by the S&P Global Ratings to provide market intelligence and develop Islamic financial market and credit ratings.
—AB/IINA
by admin | May 25, 2021 | Events, Muslim World, Social Round-up
Manama, Bahrain : CEO Dr. Mohammed Mubarak Bin-Dinah, of the Supreme Council for Environment (SCE), said, oil spills are the most conspicuous forms of damage to marine environment, which must be addressed, for the amount of harm they cause for months or even years, pointing out Bahrain’s efforts to preserve marine and coastal environment.
This came during the opening of the two-day international workshop, organised by the US Navy Department, in cooperation with the Marine Emergency Mutual Aid Centre (MEMAC).
Dr. Bin-Dinah expressed appreciation of all parties’ efforts which contributed to the success of the event, stressing the latest means to address oil spills will be focused on.
He underlined the SCE’s keenness to work closely with all parties participating in the workshop for safer, cleaner marine environment, noting the SCE’s efforts, to come up with ideas to counter the challenges faced by marine environment.
A brief presentation was given by environmental expert, Hassan Marzouq, on Bahrain’s national plan to combat oil pollution and other harmful substances to the environment.
Marzouq also tackled objectives and goals of the national plan, responsibilities of the concerned authorities to counter oil spills. He gave an overview of the Incident Command System and mechanisms of reporting oil spill incidents followed by Bahrain.
The workshop was attended by Deputy Commander of the US Navy in the region, Captain Joel Stewart; MEMAC’s Head Captain, Abdulmoneim Al-Janahi; a number of Bahrain’s senior naval and coast guard officers and military and civilian delegations of the countries of the region.
—NNN-BNA
by admin | May 25, 2021 | Investing, Muslim World
Manama, Bahrain : Bahrain has announced that, its first Energy Investment Forum is set to be held in Sept, alongside the Solar, Technology, Energy and Environment in Bahrain (STEEB) 2017 exhibition, at the Bahrain International Exhibition and Convention Centre.
Bahrain’s Minister of Electricity and Water Affairs, Dr. Abdulhussain bin Ali Mirza, said that, the forum will focus on drawing a comparison, between the latest developments in solar energy, renewable energy and technology and other sources of energy.
He said, energy experts from investment institutions interested in financing energy technology companies, research institutions and universities, will attend, as well as, representatives from the United Nations, diplomatic missions and GCC and Arab chambers of commerce and Industry.
—NNN-BNA
by admin | May 25, 2021 | Muslim World
Manama (IINA) – The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) will hold the 11th Annual Conference on Islamic Banking and Finance in Bahrain on November 6-7, in partnership with the World Bank, under the auspices of the Central Bank of Bahrain (CBB), Bahrain News Agency reported.
The broad theme of the conference will focus on the post oil economic scenario of the Muslim world and its impacts on the Islamic finance industry globally, in general and in the region in particular. The conference also intends to bring under the limelight and honor a key figure from the Islamic Finance industry for his services and life-time achievements. The conference will have a face-to-face session with that figure besides honoring him. Additionally, the conference will provide updates on certain key standard development areas.
Further, it will discuss the effects on Islamic finance strategies of the changing economic environment, the role of Islamic finance with the governments in the changing economic environment and considering the Islamic agro-finance as the next destination.
The conference is part of the AAOIFI’s ongoing consultative process with the international Islamic finance industry on the development and review of its standards on Sharia, accounting, auditing, ethics and governance.
Key standard development topics will include the setup and standardization for central Sharia boards, fair value and impairment and the effects of International Financial Reporting Standards (IFRS) 9 on the Islamic finance industry and the debut of gold products in Islamic finance and the upcoming AAOIFI Sharia standard on gold.
by admin | May 25, 2021 | Muslim World
Manama, (IINA) – Bahrain will host the second Energy Management Conference and Exhibition on December 6-8, according to BNA news agency.
The event, which is under the patronage of Minister of Energy Dr. Abdul Hussain bin Ali Mirza, is organized by the Bahrain Society of Engineers (BSE) and the National Oil and Gas Authority (NOGA) in collaboration with several leading local and Gulf organizations.
The conference organizing committee held a preparatory meeting, chaired by Ali A. Jabar Al Sawad, general manager, strategies and planning at NOGA and discussed the logistics of planning the event.
It worth to mention that the energy management conference is held for the second time in Bahrain.
The preparatory meeting was held by the organizing committee to ensure great attention was given to achieve set objectives and results that speed up the development of the energy sector in Bahrain and the GCC. It also aimed to make the event highly successful at all levels like all other events organized or co-organized by NOGA in the past in terms of preparation, so as to ensure it contributed to strengthening the prestigious position of the Kingdom of Bahrain at the regional and international levels.
