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Issue 24 - JUNE 2020


The Mur abaha s er v ice is

provided through the utilization

of Sharia’a-compliant Ijara Sukuk,

as the underlying asset for all

the Murabaha transactions. An

online service offering unique

advantages to financial institutions

Bahrain Clear has been delegat-

ed as asset manager of the funds,

as well as ensure appropriate

investor protection mechanisms

are in place, maintain KYC

registry, ensure establishment

of internal audit policies, review

a n d c l i e n t s s e e k i n g

Sharia’a-compliant solutions and

trading opportunities, will be

used for facilitating Ijara Sukuk-

based Murabaha transactions.

The Murabaha service aims to

provide significant reductions in

and approve audited statements

of the funds, submit appropriate

regular reporting to the Board

of Directors of Bahrain Bourse

on the results of the funds.

In addition, Bahrain Bourse

may discretionally impose

processing time for its participants,

and is playing a growing role in

the expansion and position of

the Kingdom of Bahrain as the

g l o b a l c a p i t a l o f t h e

Islamic economy. It is worth

mentioning that Al Baraka Islamic

administrative fines on Issuers

for any non-compliance with the

new procedures with an amount

not exceeding 1% above Cen-

tral Bank of Bahrain interest

rates. To ensure transparency, the

‘Accumulated Cash Dividends

Bank, Bahrain Islamic Bank

and National Bank of Bahrain,

signed agreements with Bahrain

Bourse and the Central Bank of

Bahrian allowing the Banks to

buy and sell Shariah-complaint

Ijara Sukuk through Bahrain Bourse.

Fund’ and the ‘Annual Cash

Dividends Fund’ deposits shall be

segregated into an independent

account and shall be subject to an

independent audited statement.