Al Baraka Banking Group joins BFX’s Bait Al Bursa Segment

The Bahrain Financial Exchange (BFX), the first multi-asset exchange in the Middle East and North Africa (MENA) region, is pleased to announce that Al Baraka Banking Group (ABG), a well-known leading international Islamic financial group, has become a registered user of Bait Al Bursa, the Islamic finance division of the BFX.

The BFX Bait Al Bursa’s offerings come at an appropriate time where the Islamic market is eager for new pioneering and innovative products. e-Tayseer, Bait Al Bursa’s Murabaha liquidity management platform, is designed to make Al Baraka Banking Group scheduling and execution of their Murabaha transactions more streamlined and afford its users the benefit of reduced trade life-cycle and manual paperwork procedures resulting in savings of time and cost in executing the transactions. Additionally, it also offers a secure online environment with identifiable Shariah-compliant underlying assets located in the GCC region.

Mr. Adnan Ahmed Yousif, President & Chief Executive & Member of the Board of Directors of ABG stated: “We are very pleased with our decision to become a registered user of Bait Al Bursa. Our group will benefit greatly from the advantages of its first product e-Tayseer which we trust will further strengthen our Murabaha dealings efficiencies and we wish the BFX as a whole all the best in delivering their future plans.” He added: “Innovative and pioneering initiatives like e-Tayseer will add-up to the efforts of the Islamic finance industry to achieve higher levels of excellence and sophistication.”

Mr Abdul Rahman Al Baker, Executive Director - Financial Institutions Supervision at CBB said: “We are delighted with the partnership between the Bahrain Financial Exchange and the Al Baraka Banking Group which we believe will benefit and improve the current method of conducting the Murabaha transactions by the Al Baraka Banking Group. Such innovative contributions by the BFX and the ABG will result in the further development of the Islamic Finance industry. The Central Bank of Bahrain supports such initiatives as they help in achieving greater transparency and improved efficiency in the liquidity management process between the Islamic financial institutions.”

Mr. Arshad Khan, Managing Director and Chief Executive Officer of the BFX and the BFX Clearing and Depository Corporation (BCDC), said: “We welcome Al Baraka Banking Group and we take pride in partnering with such a reputed and leading Islamic financial institution. The participation of ABG on the e-Tayseer platform is a significant accomplishment for the BFX. We believe that both the ABG and the BFX share similar business principles and we look forward to working closely in the future.” 

e-Tayseer, the first of its kind in the MENA region, is a fully automated platform for transactions in the supply, purchase and sale of assets for facilitating Murabaha transactions. e-Tayseer allows suppliers to place their assets onto the platform ready to be purchased by financial institutions. Financial institutions can then purchase these assets and conduct Murabaha transactions with counterparties to fulfil their liquidity management requirements in a secure online environment. e-Tayseer offers various Shariah-compliant assets located in the MENA region as well as globally, where all processes are automated end to end.