In a landmark event for both the Malaysia and Bahrain financial sectors, a Memorandum of Understanding (MoU) was signed between Bursa Malaysia Berhad and Bahrain Financial Exchange (BFX). Amongst the items targeted with this agreement is the increase of awareness in terms of investment opportunities in the Islamic market today.
Bursa Malaysia and BFX are jointly looking at developing commercially with regards to financial products as well as to encourage more Islamic market participants to follow suit to have more collaboration and understanding.
The MoU has the further intention of creating cross-border developments in the Islamic financial world by taking advantage of the technological advancements available on both sides for joint and sustainable future development.
Malaysia was represented by Bursa CEO Datuk Yusli Mohamed Yusof, while Bahrain’s representative was BFX board director Arshad Khan.
Both parties see this agreement as a major benchmark in creating a single, stable platform where Islamic nations can build and grow their financial framework together.
Once consolidation of the Islamic financial sector is achieved, global Islamic risk management practitioners are expected to be able to discuss issues and propose solutions in a more effective, pro-active way to ensure the growth of the Islamic financial future.
Syariah-compliance can also be confirmed and adhered to, and this could also signal good news for the world of Islamic finance.