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GBCORP invests in future of Islamic Finance

Manama, Bahrain, March, 2008:
In the framework of its Corporate Social Responsibility legacy, Global Banking Corporation B.S.C (c) (“GBCORP”) has become a key contributor to Bahrain’s Waqf Fund for research, education and training in Islamic Finance, established by the Central Bank of Bahrain (“CBB”) and other Islamic financial institutions (“IFIs”). The fund’s capital is US$5.8 million as of March 2008.

The Waqf Fund focuses on research and publishes studies and surveys in Islamic finance industry. As part of this initiative the Waqf Fund strives to promote educational opportunities through specialist training workshops as well as organizing discussions and debates on the industry and Shari’a compliant investments.

Speaking on the bank’s ongoing CSR initiatives, Khalid Al Jaber, Head of Compliance at GBCORP said: “Corporate Social Responsibility is a key aspect of the Bank’s way forward strategy and is evident in the way we operate. Our support of the Waqf Fund is indicative of our commitment in preparing finance professionals for the fast-growing Islamic financial services industry and the growth of Islamic Finance in general. The Fund is a major milestone for the Islamic finance industry and its development, therefore we are proud to become partners in this great initiative to raise training and education standards across our industry.”

Today’s announcement is part of the ongoing CSR strategy that is being implemented by the Bank, with further announcements on sponsorships and charitable donations to be made in due course. Earlier this year, GBCORP sponsored the Bahrain Sport for All Association’s three-day sports event for sports fans in Bahrain and around the GCC.

Furthermore, GBCORP was also lead sponsor of ‘His Majesty the King's Cup Endurance Ride Championship’ organized by the Kingdom of Bahrain Royal Equestrian and Endurance Federation. The event encourages and supports young Arab riders as well as showcases endurance riding which is integral to Bahrain’s equestrian heritage.

As a fast-growing Islamic investment bank, GBCORP's aim is to provide its clients with global shari'a compliant investment opportunities that conform to their personal values whilst offering value added professional and personalised service.