Mubasher: Bahrain’s Ebdaa Bank for Microfinance has signed an agreement with the Shariyah Review Bureau (SRB) to launch the Sharia Supervisory Board (SSB) for the certification and supervision of the bank’s upcoming sharia-compliant products.
The new innovative products will include quality financing characteristics based on Ebdaa’s vision to boost Bahraini socio-economic development, according to a bank statement.
"There is an increasing demand by our customers for micro-products that express personal faith values. That is why at Ebdaa, we have decided to offer wide-ranging funding opportunities compliant with faith-based aspirations,” CEO of Ebdaa Bank Khaled Al Gazawi said.
Ebdaa Bank is a microfinance institution licensed by the Central Bank of Bahrain to offer credit opportunities to low-income people and micro-business owners.
“We will work with SRB…to implement a set of aspirational Islamic financial principles that underpins the framework for integrating sharia-compliant factors into our products financing criteria and operating practices,” Ebdaa Bank’s operations manager Ghaith Al-Munem commented.
