Pakistan to co-operate in Islamic banking with Bahrain

KARACHI (December 13 2003): Pakistan and Bahrain will co-operate in Islamic banking and finance along with other financial sectors.

The State Bank of Pakistan and Bahrain Monetary Agency (BMA) have signed a Memorandum of Understanding (MoU) in Manama to strengthen co-operation between the two central banks.

Tawfiq A. Husain, Deputy Governor of SBP, and Khalid Abdullah Al Bassam, Deputy Governor of BMA, signed the MoU.

The agreement provides for a more comprehensive exchange between the two institutions on a host of issues, including supervision, technical expertise and training assistance.

Tawfiq said the two sides had identified certain specific areas for co-operation, primarily Islamic banking and finance, leasing and banking supervision.

“Bahrain is a regional financial centre of excellence and we are particularly keen to learn from BMA's experience in developing Islamic finance,” said Tawfiq Husain.

“Bassam said we signed the agreement to continue developing the good working relationship between the BMA and SBP,” said a release issued by the SBP.

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