CBB Endorses the Internationally Accredited ICMA Primary Market Certificate Scheduled to Start in January 2009
Manama, Bahrain

The Bahrain Institute of Banking and Finance (BIBF) with the endorsement and support of the Central Bank of Bahrain has launched the internationally accredited Primary Market Certificate, in conjunction with a number of international primary market institutions and educators including issuers, lawyers and ratings agencies. The Certificate was officially launched today by senior representatives from BIBF and the Central Bank of Bahrain at a joint press conference held at at the 15th World Islamic Banking Conference (WIBC) at the Gulf Hotel. Key speakers were Mr. Khalid Hamad, Executive Director, Banking Supervision, CBB and Mahmood Al-Sheahabi, Head, Center for Islamic Finance at BIBF.

Also offered in London, the Certificate will be delivered jointly by BIBF and the International Capital Market Association (ICMA) and is accredited by the University of Reading’s ICMA Center. The certificate will provide participants with everything they ever wanted to know about the life cycle of bond and sukuk issuance in debt capital markets (DCM)—including the consideration of financing choices, syndication process, investor protection, seeking credit ratings and closing transactions.

At the launch of the Certificate, Khalid Hamad, Executive Director, Banking Supervision at the Central Bank of Bahrain stated, “the CBB believes in effective and solid infrastructure for the development of Bahrain’s capital markets. This world class certificate is a demonstration of the CBB’s support to enhance the quality of Bahrain’s capital markets, while delivering industry leading qualifications for market participants. The CBB strongly recommends that all issuers of bonds and sukuk, including related parties such as lawyers, ratings agencies and trustees undertake this course in order to benefit from best market practices. This Certificate receives CBB’s endorsement because the graduates of this program will have the required technical knowledge and skills to issue high quality sukuk and bonds that comply with international norms and regulations such as those issued by the ICMA”

Mahmood Al-Sheahabi, Head of the Center for Islamic Finance at BIBF commented on the launch “This is another first for BIBF, bringing together international expertise in the arena of primary markets for the benefit of local market participants. The ICMA is a leading self regulatory organization representing practitioners in the international capital markets, including the most prominent financial institutions in the world. BIBF is proud to partner with ICMA to bring about this important capital markets certificate for the benefit of the industry. No other qualification provides the participant with this kind of global career portability in international capital markets”.

Applications for the ICMA certificate are currently being accepted at BIBF.

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