rasheed mohammed al maraj : the role islamic financial institutions play in financing development projects speech by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the regional forum on the role of islamic financial institutions in financing for development, manama, 4 september 2007. * * * your excellencies, distinguished guests, ladies and gentlemen – good morning. it is a great pleasure for me to welcome you all today, and to help inaugurate this important regional forum on the role of islamic financial institutions in financing for development. first, let me thank you all for participating at this event today. in particular, i would like to thank the officials of the united nations economic and social commission for western asia ( escwa ) for their cooperation and work in putting on this conference with the central bank. i would also like to thank the sponsors for their kind assistance in staging this event. islamic financial institutions have become increasingly involved in structuring and financing development projects in the region. since islamic financing must be based on real underlying assets, and preferably in the form of equity participation to create an equitable distribution of wealth, the opportunity for islamic banks to participate in projects relating to infrastructure, industry and housing is unlimited. this conference is particularly significant in terms of its timing, and the subjects to be deliberated ; because islamic banking institutions are playing an increasingly important role in the global financial industry. in fact, islamic banks, takaful companies, and investment funds that conform to the principles of shari ’ a are attracting more interest from outside the region due the potential they represent in terms of capturing market share and mobilizing finance. the increasing international interest in islamic banking is a reflection of the success that this industry has achieved over a short period. moreover, shari ’ a principles which place emphasis on providing economic added - value to stakeholders and aim to create equivalence in benefits and costs free from harmful speculation are gaining more attention and better understanding globally. the increasing demand for shari ’ a compliant products has attracted the interest of conventional international financial institutions, which have started their own activities in this field. i note that many foreign supervisory bodies are incorporating amendments to their supervisory and regulatory legislation to allow for islamic institutions and shari ’ a compliant products which will reinforce the role of islamic finance globally. based on our recognition of the importance of the islamic banking industry in financing development projects, the central bank of bahrain has provided the requisite supervisory and legislative foundation

rasheed mohammed al maraj : impact of technological innovation in bahrain address by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the middle east financial technology exhibition & conference ( meftec ), manama, 11 february 2008. * * * good morning ladies and gentlemen, i am pleased to welcome you to bahrain for the 4th middle east financial technology exhibition & conference, meftec as it is popularly called. this morning, as i look around, i am happy to see that this event is arousing so much interest and is attracting more and more participants each year, a clear testament to ita€™s success. i would like to thank the organizers for their efforts in enhancing and improving each event and the delegates for their participation. i wish you a pleasant stay here. bahrain, as many of you may already know, is best known for its success in banking and finance, an industry whose global reach and, indeed, penetration into every household, would not have been possible without information technology. in short, information technology has had, and continues to have, a profound impact on the way we, as individuals, live and work, on the economies of countries and on the world. while we all welcome and embrace technological innovation, the acceleration in technology also brings with it newer challenges for financial services regulators, such as the central bank of bahrain. information technology has made possible the creation, valuation, and exchange of complex financial products on a global basis and, often, in real - time. as our banks increasingly engage in these technology - driven, i would urge them to take greater precautions in managing all the risks involved. the management of risk is an issue which the cbb takes very seriously, as demonstrated by our regulatory requirements and examination procedures, which we continue to review and upgrade, when ever necessary. as the financial sector relies more and more on technology, the issue of maintaining business continuity in the face of any kind of disruptions, we believe, is essential from a business and reputational perspective. effective from the beginning of this year, all banks in bahrain are required to maintain proactive business continuity planning that ensures delivery of critical services or products is maintained even during a disruption. ladies and gentlemen, i am sure you are all eager to see what the exhibitors have to offer. i thank you for joining us today and again extend my appreciation and thanks to the organizers and exhibitors.