Hi, well it's about time we have a thread related to financial news, enjoy:
BMA & TOCOM join hands, sign MoU
The Bahrain Monetary Agency (BMA), the central bank and financial services regulator of the Kingdom of Bahrain, and The Tokyo Commodity Exchange (TOCOM), the world's leading bullion and energy exchange, have today signed a Memorandum of Understanding (MoU) aimed at developing cooperation between the two institutions.
The MoU was signed, at TOCOM's premises in Tokyo, by H.E. Rasheed Mohammed Al Maraj, Governor of the BMA, and Mr. Masaaki Nangaku, Chairman of TOCOM. Also present was H.E. Khalil Ibrahim Hassan, Bahraini Ambassador to Japan.
The MoU provides a formal framework for a cooperative relationship between the BMA and TOCOM. The two institutions intend to develop an institutional framework to enable financial institutions, brokers and others in Bahrain to conduct transactions on the TOCOM that comply with the requirements of the Shari'a, Commodity Exchange Law of Japan and the general rules of the Exchange.
Based on the MOU, TOCOM and the BMA will engage in sharing the Exchange documentation and obtaining approval from BMA's Shari'a Advisory Board to designate the TOCOM as the BMA's approved and preferred trading house for oil exchange transactions conducted in accordance with Shari'a requirements.
'We are delighted to enter into this agreement with The Tokyo Commodity Exchange (TOCOM),' said Mr. Al Maraj, following the signing of the MoU.
'We are keen to work closely with TOCOM and co-operate in developing commodity based contracts that are in line with Shari?fa principles.'
Commenting on the occasion, Mr. Nangaku said, 'It is an honor for TOCOM to establish such a partnership with the Bahrain Monetary Agency (BMA).'
'Since the creation of TOCOM in 1984, one of TOCOM'?'missions has been to contribute to the development of the global and Asian marketplace. We are very much delighted to having this opportunity to cooperate with BMA to further expand the scope of this mission by making TOCOM markets available to financial institutions in Bahrain.' Bahrain is the leading international financial center in the Middle East region, he pointed out.
The BMA is seeking to develop Shari?fa compliant products, which enable Islamic financial institutions to trade in various types of commodities listed on the TOCOM. The assets of the global Islamic banking industry are currently estimated to exceed US$250 billion.
TOCOM hopes the alliance with the BMA, which enjoys a reputation of being the most innovative and highly regarded regulator in the Middle East, will promote market growth by attracting new market participants from Bahrain with the support of the BMA, and will strengthen TOCOM's position as the provider of benchmark prices to the world market, and expand the trading of commodities by Islamic financial institutions.
BMA & TOCOM join hands, sign MoU
The Bahrain Monetary Agency (BMA), the central bank and financial services regulator of the Kingdom of Bahrain, and The Tokyo Commodity Exchange (TOCOM), the world's leading bullion and energy exchange, have today signed a Memorandum of Understanding (MoU) aimed at developing cooperation between the two institutions.
The MoU was signed, at TOCOM's premises in Tokyo, by H.E. Rasheed Mohammed Al Maraj, Governor of the BMA, and Mr. Masaaki Nangaku, Chairman of TOCOM. Also present was H.E. Khalil Ibrahim Hassan, Bahraini Ambassador to Japan.
The MoU provides a formal framework for a cooperative relationship between the BMA and TOCOM. The two institutions intend to develop an institutional framework to enable financial institutions, brokers and others in Bahrain to conduct transactions on the TOCOM that comply with the requirements of the Shari'a, Commodity Exchange Law of Japan and the general rules of the Exchange.
Based on the MOU, TOCOM and the BMA will engage in sharing the Exchange documentation and obtaining approval from BMA's Shari'a Advisory Board to designate the TOCOM as the BMA's approved and preferred trading house for oil exchange transactions conducted in accordance with Shari'a requirements.
'We are delighted to enter into this agreement with The Tokyo Commodity Exchange (TOCOM),' said Mr. Al Maraj, following the signing of the MoU.
'We are keen to work closely with TOCOM and co-operate in developing commodity based contracts that are in line with Shari?fa principles.'
Commenting on the occasion, Mr. Nangaku said, 'It is an honor for TOCOM to establish such a partnership with the Bahrain Monetary Agency (BMA).'
'Since the creation of TOCOM in 1984, one of TOCOM'?'missions has been to contribute to the development of the global and Asian marketplace. We are very much delighted to having this opportunity to cooperate with BMA to further expand the scope of this mission by making TOCOM markets available to financial institutions in Bahrain.' Bahrain is the leading international financial center in the Middle East region, he pointed out.
The BMA is seeking to develop Shari?fa compliant products, which enable Islamic financial institutions to trade in various types of commodities listed on the TOCOM. The assets of the global Islamic banking industry are currently estimated to exceed US$250 billion.
TOCOM hopes the alliance with the BMA, which enjoys a reputation of being the most innovative and highly regarded regulator in the Middle East, will promote market growth by attracting new market participants from Bahrain with the support of the BMA, and will strengthen TOCOM's position as the provider of benchmark prices to the world market, and expand the trading of commodities by Islamic financial institutions.