GFH Financial Group (GFH) has signed an agreement with Bahrain Bourse and the Central Bank of Bahrain (CBB) for starting its new Murabaha service in the kingdom.
The service, launched in May last year, is being provided through the utilization of Sharia’a-compliant Ijara Sukuk as the underlying asset for the undertaking of Murabaha transactions.
The agreement was inked by GFH Chief Operating Officer Salah Sharif at a virtual event attended by Bahrain Bourse CEO Shaikh Khalifa bin Ebrahim Al Khalifa and the CBB Executive Director (Banking Operations) Shaikh Salman bin Isa Al Khalifa.
As per the agreement, GFH will now have access to the online service, which offers unique sharia’a-compliant solutions and trading opportunities that will in inturn support the continued growth of the group’s treasury and capital markets business activities, its significant and expanding business line.
Among the other benefits of the Murabaha service are significant reductions in processing time for its clients and support for the continued expansion and position of Bahrain as the global capital of the Islamic economy.—TradeArabia News Service