The leasing and Modaraba business experts of Pakistan will extend assistance to Bahrain Monetary Agency (BMA) to improve its financial sector.
A four-member delegation of the Leasing Association of Pakistan (LAP) and the Modaraba Association of Pakistan (MAP) held a meeting in this regard with BMA Deputy Governor Khalid A. Al-Bassam last week.
According to the announcement here on Monday, the delegates who visited Bahrain included LAP Chairman Basheer Chaudhry, MAP Vice-President Ayaz Dawood, First Grindlays Modaraba CE Waqar Ajmal Chaudhry and Orix Leasing Pakistan CE Humayun Murad.
The BMA deputy governor briefed the delegates about the on-shore and off-shore financial operations of the BMA in various areas.
He highlighted the historic role of Bahrain as the financial centre of the Middle East, and elaborated the significance of its financial infrastructure as a regional centre to provide multiple services to the surrounding markets.
Appreciating the growth and depth achieved by the leasing and Modaraba sectors of Pakistan, he called for the start of the leasing and Modaraba operations by Pakistani companies in Bahrain.
He said it will help the local investors to enter into new ventures, and the professional expertise of Pakistani leasing and Modaraba sector could work together to further enhance the size of financial sector of Bahrain.
The delegates also visited head offices of commercial banks, Islamic banks, chartered accountants and financial advisors to have an overview of the potential of the market.
The delegates observed that the infrastructure available in Bahrain for writing cross border leasing for the international market also offers attractive potential.
The promotion of Islamic financial system could also provide various openings for the leasing and Modaraba sector of Pakistan to expand operations in Bahrain.
Both the LAP and the MAP officials will prepare their recommendations shortly to the State Bank of Pakistan (SBP) and Securities and Exchange Commission of Pakistan (SECP) for necessary approval and implementation.