ISLAMIC FINANCIAL AND BANKING STUDIES CENTER TO SEE DAYLIGHT IN BAHRAIN

JEDDAH, JUNE -- A CENTER SPECIALIZED IN ISLAMIC FINANCIAL AND BANKING STUDIES WILL BE ESTABLISHED IN MANAMA AT THE SAME LOCATION OF KING HAMAD MOSQUE WHICH WILL BE BUILT IN LINE WITH THE ROYAL DIRECTIVES OF HM KING HAMAD BIN ISA AL KHALIFA, MINISTER OF FINANCE SHAIKH AHMED BIN MOHAMMED AL KHALIFA SAID.

THE ANNOUNCEMENT CAME IN THE MINISTERS ADDRESS AT THE FIRST WORK SESSION OF THE 33RD ANNUAL MEETING OF THE ISLAMIC DEVELOPMENT BANKGOVERNORS CURRENTLY GOING ON IN JEDDAH, SAUDIARABIA.

THE CENTER WILL BE ANOTHER STANCHION FOR THE ALREADY WELL-FOUNDED FINANCIAL AND BANKING INDUSTRY IN BAHRAIN AND AN ADVANCED DEVELOPMENT STEP OF SHARIA-BASED BANKING TOOLS , HE ADDED.

HE THANKED THE MEMBER-STATES FOR SUPPORTINGTHE BANK AND WISHED THEM ALL SUCCESS IN THEIRNOBLE ENDEAVORS, CALLING FOR DOUBLING COMMERCIAL EXCHANGE AND ENSURING MORE AIDS BASED ON SHARIA- CONFORM TOOLS TO HELP MEMBER STATES CONFRONTCURRENT CHALLENGES MAINLY THE PRICE SURGE,CLIMATE CHANGE EFFECTS AND RETARDED PRODUCTIVITY.

THIS CRISIS HAS AFFECTED NOT ONLY THE MEMBER-STATES ALONE BUT MANY OTHER WORLD COUNTRIES AND HINDERED THE REALIZATION OF THE NEW MILLENNIUM GOALS,THREATENING OF MORE INFLATION AND A LOOMING GLOBAL FOOD CRISIS HE SAID.HE ALSO CALLED FOR RAPID ACTION TO ADDRESS THE MATTER.

HE HAILED THE FINANCIAL FOOD AID PACKAGE DECIDED BY THE GOVERNORS TO ADDRESS THE SITUATION IN MEMBER-STATES AND CALLED FOR MORE RADICAL SOLUTIONS NAMELY BY INVESTING IN AGRICULTURAL AND RURAL ENVIRONMENT PROJECTS.