MANAMA, 25 September 2007 — The Central Bank of Bahrain (CBB) has granted a license to the Shariyah Review Bureau (SRB), a provider of independent services related to Shariah review and compliance. SRB, which will operate under the “Ancillary Service” license category, is the first entity of its kind to be licensed by the CBB. Established in 2005, it is a member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Bahrain-based standard-setting body for the global Islamic finance industry. SRB’s core service, aimed at Islamic financial institutions and businesses, includes review and analysis of corporate activities and transactions to ensure their conformity to Islamic regulations.
GCC’s Appliances Sector Booming
Mehmood Rafique, Arab News
MANAMA — The GCC’s domestic appliances sector, worth over $1.5 billion annually, is entering a new phase of globalization says the boss of one of the sector’s leading producers. Gulf countries have for decades been home to a large number of suppliers, ranging from low budget to the highest quality products, but things are changing with the larger companies beginning to squeeze out competition.
Solar-Powered Streetlights Project
Arab News
DUBAI — The Energy and Environment Park (ENPARK), a fully comprehensive eco-friendly community for both commercial and residential use and a member of TECOM Investments, yesterday announced the installation of two solar-powered streetlights demo project at Dubai Internet City (DIC). The initiative, in partnership with Green Energy Solar (gesolar), is Enpark’s latest step in promoting and demonstrating sustainable solutions and an environment-friendly lifestyle in Dubai. The solar powered streetlights, which store energy from the sun throughout the day, will automatically turn on at dusk and switch off again at dawn. Ali bin Towaih, director of Enpark, said: “This pro-active demo project reflects our commitment to protecting the environment.”
Credit Suisse Names Islamic Unit Head
Arab News
DUBAI — Credit Suisse announced yesterday that it has appointed Michael Fouad Chahine as global head of Islamic Banking Distribution. Credit Suisse is expanding its platform to distribute Shariah-compliant solutions to this important growth market. Michael Chahine will be based in Dubai. Chahine will coordinate the existing Islamic banking competencies across Credit Suisse’s investment banking, private banking and asset management businesses to build a distribution center in Dubai close to the market, clients and sources of new investment and financing opportunities.
Jordan Receives US Health Aid
Abdul Jalil Mustafa, Arab News
AMMAN — Two agreements were signed yesterday under which the US extended grants to Jordan totaling $100 million to help improve the basic health and education services and spur economic growth in the Kingdom, according to a US embassy statement. “The two grants constitute the final batch of the overall US assistance package to Jordan for fiscal year 2007, which totals $255.3 million in economic assistance and $276.8 million in security-related aid.” “The grants highlight the strong commitment of the American people to Jordan,” US Ambassador David Hale said.
