7th APRIL 2015 - Vol.XXXVIII No.018
Business News

Islamic finance industry 'on steady growth path'

MANAMA: The Islamic finance industry has been on a steady and consistent growth pattern for a number of years now, which has led to a wealth of options and opportunities for the investor. That was the message from Bahrain Financial Exchange chief business officer Craig Hewett to delegates at the Middle East Islamic Finance and Investment conference in Dubai. "In order to help encourage the industry to continue following this upwards growth trend, we have strategically positioned our business to offer a unique and powerful toolset that will not only simplify Islamic transactions, but ensure it continues to adhere to the underlying Islamic Sharia principles upon which our industry is built. "The e-Tayseer product, which was recently introduced, is the first of these tools, and through it we offer financial institutions the option to purchase assets directly from asset suppliers to be used for Murabaha liquidity management transactions, all in a secure online environment."

Finance scheme for SMEs

MANAMA: Tamkeen has launched an ITC finance scheme aimed at increasing competitiveness in for small and medium enterprises (SMEs). "The ICT finance scheme is Tamkeen's pro-active response to the global challenges faced by Bahraini enterprises in the procurement of ICT applications for business improvement," said Tamkeen vice-president for enterprise and human capital development Dr Ahmed Abdulghani Al Shaikh. "The programme is built with a motive to facilitate ICT uptake by enterprises so that it becomes part of their development and empowers them to sustain themselves in a very competitive market." Tamkeen will target 50 participating enterprises in the pilot phase of the project. The targeted enterprises will be selected on the basis of pre-set criteria that will measure the impact of the adopted ICT systems on the enterprises' operational and competitive competencies. Tamkeen has signed an agreement with Bahrain Islamic Bank to allocate a portfolio of BD1 million to finance this scheme. The beneficiaries of the ICT finance scheme may apply for finance amounts that range from BD3,000 to BD50,000.

New role for Albalooshi

MANAMA: Gulf Aviation Academy (GAA) has named Mahmood Albalooshi its chief operations officer. The appointment will take effect on Thursday. Mr Albalooshi will be responsible for the management and delivery of all the companies' training to pilots, engineers and cabin crew, as well as theoretical and practical training. He will also be responsible for ground services and airport management training. In addition, he will assess all GAA operational planning and will play a significant role in anticipating what resources are needed to contribute in achieving GAA's long-term training goals. His previous postings included being manager of manpower development with Gulf Air, where he handled courses and budget planning for engineering and pilot training. He also was the catalyst in establishing the first EASA 147 approved Aircraft Engineering Training Centre in the Middle East and Asia to conduct courses in aircraft engineering training.

click on image to view the digital edition