Fajr Investment Advisory
Manama 8th May 2008
Shaikh Hisham bin Abdul Rahman Al Khalifa today formally announced Fajr Investment Advisory, a joint Bahrain and British venture, as he chaired its Constituent General Meeting of the shareholders attended by representatives from the Ministry of Industry and Commerce and the Central Bank.
" Bahrain is a prestigious financial centre in the Gulf and Middle East which is growing particularly in Islamic Banking activities thus encouraging investors to increase their investment capital in this sector. We recognized a gap and established Fajr Investment Advisory being a first of its kind in this region. Our activities will be focused on providing a number of Sharia compliant commodity services, structured transactions with a vision to develop investment in clean technology implementation and the rapidly growing carbon emissions market in line with the principles of Sharia. " announced Shaikh Hisham bin Abdul Rahman Al Khalifa.
" I would like to thank all the ministries that were involved in establishing this new company and I commend the efforts in particular of the Bahrain Investment Centre, Central Bank and the Ministry of Industry and Commerce. I wish the company a great future and continued success, "added Shaikh Hisham.
Shaikh Hisahm bin Abdul Rahman Al Khalifa announced the elected Chairman of the Board Mr. Mohammed Al Jaber and introduced Board Members Shaikh Mohammed bin Abdul Rahman Al Khalifa, Mr. Tracy Elner, Mr. Ziyad Janahi and Mr. Ali Al Sharif as the General Manager.
" This company is the result of concerted efforts of both the Bahraini and British shareholders. Fajr Investment advisory came into fruition due to the dual interest and its license was announced during The Lord Mayor of London's, visit to Bahrain in February. We have ensured a high level of expertise by bringing together skill and experience from both regions. Our three year strategy is to initially gain a foothold in the GCC with the view to growing in MENA and South East Asia. The main activities of the company will be to provide Morabaha structures utilizing underlying assets such as base metals, softs, oil and other relevant commodities. Fajr Investment Advisory is based in the Diplomatic area of Manama, Bahrain and we will be recruiting and training Bahraini graduates. Our newly appointed General Manager, Mr. Ali Sharif, will be overseeing day to day operations and we wish him the very best of luck "concluded Mr. Al Jaber.
" In my role as General Manager of Fajr Investment Advisory, I will focus on establishing good relations with the regional Islamic Institutions and will work closely with them to innovate Sharia compliant solutions including new sukuk issuance. I see the bridge with London as a major factor in the company's forward success" said Mr. Ali Al Sharif.
With almost 20 years experience in trading commodities globally through the exchange traded markets, particularly the London Metal Exchange and LIFFE, Mr. Tracy Elner, a Director ofFajr Investment Advisory, commented on behalf of the British Investors:
" We are extremely pleased with the professionalism of our partners and of the Central Bank and Ministry of Industry and Commerce in the foundation of the company. Fajr Investment Advisory has strategic links with major institutions in London and Europe, directly providing underlying commodity. It will reciprocally innovate in a number of sectors, imparting Shariah compliant solutions with a goal to establishing a vehicle which bridges ideas, opportunities and delivery to both regions."
Asked about his role during the Right Honorable, The Lord Mayor of London, Alderman David Lewis's delegation to Bahrain earlier this year, Mr. Elner advised: "London is the foremost centre for trading, delivery and monetization of Carbon Credits, a new investment asset class generated through the efficient reduction of greenhouse gases to the environment. Whilst such credits may not necessarily halt climate change, they are essential to stimulate investment in the efficient use of resource, technology development and its transfer. We recognize the opportunity for Bahrain to capitalize on this promising, yet undeveloped sector in the region, particularly for Islamic investment."
