Bahrain Bourse Appoints a Shari’ah Advisor for Islamic Programs and Services

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Bahrain Bourse Appoints a Shari’ah Advisor for Islamic Programs and Services

Bahrain Bourse (BHB) announced the appointment of Sh. Dr. Osama Mohammed Bahar as a Shari’ah advisor on Wednesday the 3rd of September 2014 for the proposed Shari’ah-based products, services, and financial solutions that the Bourse intends to launch in the upcoming period, such as the “Murabaha through Equities Program” for the Islamic Banking sector.

Sh. Khalifa said that launching those programs and Islamic Services comes in line with implementing the strategy adopted by BHB to develop all the Bourse’s aspects of work that includes enhancing liquidity in the market by providing a wider range of products and creative solutions, including Islamic Solutions that will provide an array of investment alternatives for both issuers and investors. 

Sh. Dr. Osama’s scope of work will include the review and approval of all Shari’ah compliant securities, funds, and other investment instruments. Sh. Dr. Osama’s role will also include the review of all Shari’ah-based products to ensure their compliance with underlying Shari’ah principles. In addition, he will be responsible for the issuance of Shari’ah Statements (‘Fatwa’) with regards to Shari’ah-compliant securities listed on the Bourse, and supervising its operations to ensure their compliance with the underlying Shari’ah principles.

Sh. Dr. Osama Bahar is a prominent Shari’ah expert. He has been involved in several prominent Islamic financial institutions including Al Salam Bank, ABC Islamic Bank, Shamil Bank, First Energy Bank, Sakana, and Tharawat Investment House. Sh. Dr. Bahar has been into Islamic finance since 1994 when he was a Shari’ah Advisor at Faisal Islamic Bank. Since then, Sh. Dr. Bahar developed an expertise in structuring Islamic finance products. Not only does he prepare Shari’ah contracts and conduct research papers on Islamic banking and finance, but also, he is a prominent issuer of Islamic financial Fatwa. 

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