25 November 2008 MANAMA: The GCC (Gulf Cooperation Council) economies which were considered an oasis of calm in the ongoing global financial turmoil, the collapse of Lehman Brothers in September has pushed even the GCC to the looming economic risks, a senior official at the Central Bank of Bahrain (CBB) Central Bank of Bahrain (CBB) , said.
Rasheed M. Al Maraj, governor of the CBB CBB , who along with Heng Swee Keat, governor of the Monetary Authority of Singapore, jointly opened the 15th Annual World Islamic Banking Conference (WIBC), said: "We have seen a vastly changed financial landscape and there is little doubt that the availability of funds and the costs of borrowing are being affected in all parts of the world."
The governor said that the essential consideration in Islamic finance, as in all forms of finance, should continue to find the right balance between business development and risk management. The three-day conference which concludes today at the Gulf Hotel has attracted more than 1,000 delegates from over 45 countries. Against the background of this global financial turmoil, Al-Maraj said, it seems a good time to take stock of the prospects for the Islamic financial industry, and to consider in particular how best to ensure the stability of the industry in future.
By Mahmood Rafique
© Arab News 2008 & omar 1.1:zy
