Sharia services boost

IFAAS (Islamic Finance Advisory & Assurance Services), the European Islamic finance consultancy, has opened a new office at Bahrain Financial Harbour.

With offices already in the UK and France, IFAAS says it took the step of opening its third office in the Gulf region following increasing local demand for its services and expertise.

Local businesses have expressed interest in its Sharia consultancy services based on its extensive knowledge and experience in Islamic finance operations with services incorporating European standards, the company says, adding that by working with IFAAS, businesses in the Gulf have direct access to international Islamic finance expertise and IFAAS' ability to facilitate transactions between Middle Eastern investors looking to develop opportunities with European corporations.

Farrukh Raza, managing director, IFAAS, said: "Bahrain has the reputation of being the hub for the Islamic finance industry in the Gulf. Therefore, it was the natural choice for IFAAS when choosing where to locate its Gulf office.

"We have enjoyed tremendous interest from local businesses in the IFAAS offering, and now with our own dedicated offices in the region, we look forward to working even more closely with organisations in Bahrain and across the Gulf to help develop the thriving regional Islamic finance industry."

IFAAS has been at the forefront of the development and growth of the European Islamic finance industry. Its founding members were instrumental in establishing the UK's pioneering Sharia-compliant brands and launching innovative products across different sectors of the Islamic financial industry.

Jamie Bowden, British Ambassador to Bahrain, said: "I offer the IFAAS team a warm welcome to Bahrain, and the Gulf region overall.

"I am also delighted that IFAAS has chosen Bahrain as its hub. As a trusted player in the European Islamic finance landscape, I am confident that IFAAS' official arrival to the Gulf will offer local businesses a valued service helping them to develop their local and overseas Islamic finance offering."

Mahomed Akoob, CEO of Hannover Re Takaful, added: "IFAAS and its team are well respected by us and many organisations in the Islamic financial services sector internationally; with its physical presence in the Gulf it will quickly become a recognised and valued asset to the regional industry as well.

"From my own experience of working with IFAAS I know that it has industry-leading expertise and delivers excellent work. The team consistently exceeds expectations with an outstanding level of professionalism and commitment which can easily be considered the IFAAS seal of quality."

IFAAS' arrival in Bahrain is a real enhancement to the regional financial industry and Bahrain's position as an Islamic finance hub. According to the Bahrain Economic Development Board, the kingdom is widely recognised as the global leader in Islamic finance, playing host to the largest concentration of Islamic financial institutions in the world.

Presently, there are 29 Islamic banks (whose assets under management total $16.4 billion), 15 Islamic insurance companies (Takaful), and one re-Takaful company operating in the kingdom.

Bahrain also plays host to a number of organisations central to the development of Islamic finance, including the Accounting and Auditing Organisation for Islamic Financial Institutions, the General Council for Islamic Banks and Financial Institutions, the International Islamic Financial Market and the Islamic International Rating Agency.

IFAAS is also present at the World Islamic Banking Conference.