(MENAFN - Arab News) The Bahrain Financial Exchange (BFX) has appointed Ratings Intelligence Partners (RI) as its Shariah adviser.
RI, one of the world's leading organizations of its kind, will provide a number of important support services to the BFX leading up to its launch in October of this year; most notably, advisory services to the BFX to ensure the adherence of the BFX's Murabaha platform to Islamic principles. RI will also develop a formal structured documentation process for the BFX's Islamic products.
"We are extremely pleased to work with the most respected Shariah scholars in the development of the BFX's Islamic products which will support best practices in the Islamic financial sector. Being in the MENA region, we view Shariah-compliant financial instruments as one of the key drivers to achieve our strategic growth plans," said Arshad Khan, managing director and chief executive officer of the BFX and the BFX Clearing and Depository Corporation, while commenting on the appointment.
"Through Ratings Intelligence consultancy services, we are confident that our offerings are in line with the high expectations of the discerning Islamic market," he added.