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."

GBCORP backs fund

MANAMA: Global Banking Corporation (GBCORP) has become a key contributor to Bahrain's Waqf Fund for research, education and training in Islamic Finance.

Established by the Central Bank of Bahrain (CBB) and other Islamic financial institutions the fund's capital was $5.8 million at the end of first quarter.

The Waqf Fund focuses on research and publishes studies and surveys in Islamic finance industry.

As part of this initiative the Waqf Fund strives to promote educational opportunities through specialist training workshops as well as organising discussions and debates on the industry and Sharia-compliant investments.

"Corporate social responsibility is a key aspect of the bank's way forward strategy and is evident in the way we operate," said GBCORP head of compliance Khalid Al Jaber.

"Our support of the Waqf Fund is indicative of our commitment in preparing finance professionals for the fast-growing Islamic financial services industry and the growth of Islamic finance in general.

"The fund is a major milestone for the Islamic finance industry and its development, therefore we are proud to become partners in this great initiative to raise training and education standards across our industry."

As a fast-growing Islamic investment bank, GBCORP's aim is to provide its clients with global Sharia-compliant investment opportunities that conform to their personal values whilst offering value added professional and personalised service.