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More sukuk issues urged

MANAMA: The government needs to issue more sukuk in order to provide short-term liquidity instruments that Islamic finance needs and the private sector should not be looked upon to provide this.

That was the message from Kuwait Finance House-Bahrain managing director and chief executive Abdulhakeem Alkhayyat, at "The Resilience of Bahrain's Financial Sector" conference.

"Most financial institutions in the region have sufficient liquidity and have no need to raise money through Islamic bonds, so it falls on governments to raise cash if they are to provide the necessary sukuk to allow Islamic financial institutions to hold these instruments," he said.

"Islamic financial institutions by nature utilise funds in development projects that stimulate the economy.

"I strongly believe that a highly ethical, well-regulated and a transparent Islamic financial system is the way to the future, with effective corporate governance and better interaction with relevant international, regional and local institutions, will definitely help all those who want to contribute to the welfare of their community and economy," he added.

KFH-Bahrain was the title sponsor of the event held under the patronage of the Central Bank of Bahrain.



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