04 October 2012

Thomson Reuters Establishes Global Islamic Finance Hub in Bahrain

Manama, Bahrain – 04 October 2012 - Thomson Reuters, the world's leading source of intelligent information for businesses and professionals, today announced the establishment of a global Islamic finance hub in Bahrain. 

The hub will initially employee 21 Bahrainis, and is expected to grow over time. A two year training period will also be provided to equip the individuals with the knowledge and skills required to become Islamic finance specialists, through a combination of in-class training and intensive mentoring and on-the-job training. 

The Islamic finance hub will provide institutions focused on the sector with vital quality and breadth of timely information, with up-to-the-minute data and categorized content for each financial instrument, as well as in-depth analysis of markets and assets classes. 

Furthermore, coverage of all information and transaction requirements, from treasury and asset management to Shari’a advisory and legal counsel, will be provided through dedicated communication, knowledge and transaction systems. This will allow the sharing of content and transactions with counterparties in addition to displaying prices and covering recent trends, coverage and analysis. 

“The establishment of such a knowledge hub for providing potentially market moving information is vital for the growth and the cross border expansion of the $1.2 trillion Islamic finance industry. This will allow global and regional institutions to develop confidence in price discovery, pre-trade information, and trade execution,” said Rushdi Siddiqui, global head of Islamic & OIC (Organisation of Islamic Cooperation) countries at Thomson Reuters. 

Bahrain has been a pioneer in the Islamic finance sector, and the establishment of this knowledge hub by Thomson Reuters will both enhance the Kingdom’s position in the sector and in the global knowledge economy. We have always placed a great deal of emphasis on making sure we have a local workforce that has the skills needed by international businesses and this initiative will support the development of the next generation of highly-skilled Bahraini Islamic finance experts,” said Kamal bin Ahmed, Minister of Transportation and Acting Chief Executive of the Bahrain Economic Development Board (EDB). 

Shaikh Mohammed bin Essa Al-Khalifa, Chairman of Tamkeen, said: “Along with promoting entrepreneurship and innovation, encouraging and supporting foreign investments is among the key means in which Tamkeen is fostering the creation and development of enterprises. Working with the EDB, Tamkeen works to ensure that these investments create sustainable opportunities for local industries and Bahrainis alike.” 

The establishment of this hub is the fruit of collaboration between Thomson Reuters, the Bahrain EDB and Tamkeen. 

Source: Bahrain EDB