Bahrain Institute of Banking and Finance debuts Halal Masterclass on Islamic economy

Bahrain Institute of Banking and Finance (BIBF) recently joined forces with U.S. and UAE consultants for a Masterclass, two-day seminar, titled “The Convergence of the Halal Market and Islamic Capital,” to educate participants on Islamic finance.

Sponsors included New York-based research/advisory firm Dinar Standard and the Waqf Fund of the Central Bank of Bahrain. Topics addressing the Halal “ecosystem” ranged from Halal food, tourism, clothing and recreation to cosmetics, pharmaceuticals and media.

 Waqf Fund Chairman Khalid Hamad said the kingdom is uniquely positioned to support the Halal food and lifestyle industries, while Dinar Standard Director Rafi-Uddin Shikoh pointed to Bahrain’s need to educate the financial community at large.

“Strategic investments on the part of Shariah-compliant private equity firms in Halal food and lifestyle related businesses, trade financing, working capital financing, mergers and acquisitions, takaful, etc are just some of the ways Islamic finance can capitalize on these sectors,” Shikoh said.

Halal economy has emerged as a great source of investment avenue to increase bottom line earnings, Ahmed AbdulGhani Al Shaikh, BIBF’s deputy director, said, adding that the Masterclass was created in league with BIBF’s key objectives to sustain Bahrain’s status as a regional financial hub.