MANAMA The Waqf Fund jointly hosted the first training session yesterday, with the Islamic Finance Council UK (IFC) under its Scholar Development Programme with a group of approximately 30 Sharia scholars, auditors and reviewers.
The programme, developed by the IFC, a UK-based not-for-profit organisation, and assisted by the Chartered Institute for Securities & Investment (CISI), provides a Continuous Professional Development (CPD) approach comprising of relevant and structured learning activities on conventional markets.
"I am pleased to note the collaboration between the Waqf Fund and the IFC has resulted in today's session of the Scholar Development Programme," said Central Bank of Bahrain (CBB) Governor Rasheed Al Maraj
"Today, as part of its core strategy to develop the human capital for Islamic finance industry, the Waqf Fund is sponsoring this professional development initiative to enhance their understanding of global financial and capital markets.
"I recognise that this joint initiative with the IFC aims to enhance Sharia scholars and Islamic bankers' comparative understanding of conventional versus Islamic finance.
"This will ultimately strengthen the bridge of understanding between the bankers and scholars, which is essential in all stages of product structuring, Sharia approval, transaction and audit processes.
"This will go a long way in empowering the scholars and bankers," he said.
"The Waqf Fund's current initiative on addressing the shortage of Sharia scholars is very much appreciated and timely, and I hope the Waqf Fund and the University of Bahrain would expedite the process to finalise the development needed," he added.
"As one of the founding members of the Waqf Fund, the CBB is proud of the initiatives and programmes undertaken by the Waqf Fund.
"In a short time, our membership has grown from eight founding members to a total of 19 prominent Islamic banks and conventional banks with Islamic finance operations in Bahrain."