Bank sponsoring fund for key finance training

MANAMA: Khaleeji Commercial Bank (KHCB) is sponsoring the Waqf Fund, which was set up by the Central Bank of Bahrain (CBB) to finance research, education, and training in Islamic finance. KHCB, a Bahrain-based Islamic private bank, will be joining 14 existing members in contributing to the liquidity of the fund.

The proceeds of the Waqf Fund are used to publish research studies and surveys, to make available and finance the development of specialist training workshops, and other educational opportunities on Islamic Finance and Sharia issues.

To date, total contributions to the fund are at approximately $6.2 million.

"KHCB is always interested in supporting such important initiatives and projects which support Islamic banking and push ahead the role of Islamic banks locally, regionally, and globally," said KHCB chief executive officer and board member Ebrahim H Ebrahim.

"Of course, this falls within our social responsibility towards supporting the kingdom and thus KHCB has decided to support the Waqf Fund for research due to its important objectives that are not limited to Islamic finance.

"The fund will make available, through effective training initiatives for Islamic banks' staff, qualified human resources in the market in the years to come, which will massively contribute to the development of the Islamic banking sector in the kingdom."