Financial Technologies launches Bahrain Financial Exchange
01 Feb 2011
Financial Technologies today announced the launch of Bahrain Financial Exchange (BFX), the first multi-asset exchange to serve the Middle East and North Africa region. Rasheed Mohammed Al Maraj, governor of the Central Bank of Bahrain, officially launched the exchange at a ceremony attended by Prince Khalifa Bin Salman Al khalifa and 400 other dignitaries.
Jignesh Shah, group CEO and chairman of Financial Technologies Group, will meet key ministers, senior government officials, finance professionals and businessmen to discuss investment opportunities in the region.
"The Central Bank of Bahrain welcomes the Bahrain Financial Exchange (BFX) to the Kingdom of Bahrain and is proud that CBB's long track record and reputation as a transparent and effective regulator was a major factor in its location decision. I wish the BFX, its members and participants every success in establishing multi-asset markets within the Middle East financial services sector," said Rasheed Al Maraj, governor, Central Bank of Bahrain.
"The establishment of the BFX will result in additional business and employment opportunities in the Kingdom of Bahrain and the region, and I am pleased to be associated with the BFX as its first independent director," said Tawfiq Al Alwal, personal secretary to the prime minister Prince Khalifa Bin Salman Al Khalifa and board director of BFX.
Scheduled to commence operations on 7 February, the BFX will be rolled out in two phases. In the first phase, its Islamic division, `Bait Al Bursa' will launch its e-Tayseer platform for general use on 7 February, followed by the launch of its conventional division on 7 March.
"The phased approach has been designed to allow market traders acquire time to develop their business on the BFX's Islamic division ahead of the conventional market launch," the company said in its release.
"The launch ceremony marked the culmination of two years of concentrated work, during which time our teams have been working to ensure a seamless launch of operations. We are particularly proud of Bait Al Bursa (House of Exchange) the first dedicated Islamic transaction platform in the region, and I am happy to say we have received interest from key Islamic financial institutions, a considerable milestone which demonstrates the appetite for our services, as proof to Bahrain's strong status as a financial centre," said Jignesh Shah.
The exchange will start with 10 tradable products, including commodities, currencies, equity indices as well as e-Tayseer on the Islamic platform, allowing traders diversify from Day 1. It would also provide opportunity to MENA financial services to link up with established markets and go global.