World Bank, Al Baraka Bank Launch Islamic Finance Initiatives

The World Bank and Bahrain-based Al Baraka Banking Group have joined hands to launch joint programs under a new “Islamic Finance Initiatives”.

These initiatives are aimed at fostering the sustainable development of the Islamic economics and finance, through the design and delivery of activities in identifying and disseminating sound practices in the Islamic financial services industry, including sound practices relating to the regulatory and supervisory environment, institutional infrastructure, corporate governance, business practices, and market development; promoting the dissemination of lessons learned that would foster the development of Islamic finance that is critical for growth, efficiency and financial inclusion including the role of Islamic microfinance in economic development and its role in promoting environment-friendly projects; encouraging research and promoting awareness of appropriate risk management framework for Islamic banks in particular and the Islamic finance industry in general; and enhancing capacity in the Islamic financial services industry with a view to fostering financial stability and promoting increased access to financial services in developing and emerging markets.

“This initiative is a result of the recognition by both institutions of the increasing importance of Islamic finance for national economic development and the need to address various challenges confronting the growth of the Islamic financial services industry,” ABG in a statement said.

The World Bank Group is an international development institution, providing funding and knowledge to fight poverty in developing countries.

ABG is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. The authorized capital of Al Baraka is $1.5 billion, while total equity amounts to about $1.8 billion, 24/7 News reported.