New business models in focus

KUWAIT Finance House-Bahrain is set to support the Islamic Financial Services Board (IFSB) seminar in Bahrain on Sunday at the Ritz-Carlton Bahrain Hotel & Spa.

Titled 'Business Models in Islamic Finance: Challenges and Opportunities' the seminar will discuss general and specific issues relating to business models in Islamic finance.

The discussions will focus on profit-sharing investment accounts and Sharia-compliant private equity accounts.

The IFSB is the body mandated to develop international prudential standards for the Islamic financial services industry. The seminar is the second of three IFSB awareness programmes scheduled during October. The three programmes consist of two seminars and one roundtable and will focus on Islamic capital markets, business models in Islamic finance and issues related to effective insolvency regimes.

Abdulhakeem Alkhayyat, managing director and CEO of Kuwait Finance House-Bahrain, said: "The presentations and discussions during the seminar will aim to further the understanding of industry practitioners and supervisory bodies on the application of business models, as well as the contribution to the growth and development of a sound and stable Islamic financial services industry."

Rasheed Al Maraj, Governor of the Central Bank of Bahrain and IFSB Council member, will deliver the event's gala dinner keynote address, while Professor Datuk Rifaat Ahmed Abdel Karim, secretary-general of the IFSB, will deliver the opening speach for the seminar. In addition, Mr Alkhayyat will be one of the speakers.

The three IFSB programmes will be held during next month with the first to be held in Istanbul, Turkey, on Friday, the second in Bahrain on Sunday and the last one in the US capital, Washington DC, on October 10.

The three programmes are open for participation by IFSB member organisations, which currently number 195 from 40 countries.

The seminars are, however, also open to the public and registration is free of charge. The full programme agendas and registration forms are available on the IFSB website www.ifsb.org