The collaboration, established under the guidance of the Reserve Bank of India (RBI) and the Central Bank of Bahrain (CBB), represents a key step in advancing cross-border payment connectivity between the two nations. It will enable residents to experience faster, more efficient, and cost-effective remittances, reflecting the shared vision to enhance digital financial inclusion and modernize cross-border transaction frameworks.

By linking UPI and Fawri+ service, the initiative aims to establish a strategic remittance corridor between India and Bahrain, enhancing convenience for the large Indian community in Bahrain, which constitutes nearly 30% of the country’s population. This collaboration will strengthen financial connectivity, enable transparent and secure real-time transfers, and deepen economic integration between the two nations.

Ritesh Shukla, MD & CEO, NPCI International, said, “We are delighted to partner with BENEFIT to enable secure, real-time remittances between India and Bahrain. We believe this collaboration will deepen financial connectivity, pave the way for further cross-border payment innovations, and contribute to promoting financial inclusion and shared economic growth that benefits individuals and businesses alike. The initiative will also serve the large Indian diaspora in Bahrain, making money transfers faster, safer, and more convenient.”

On this occasion, Abdulwahed AlJanahi, Chief Executive of BENEFIT, stated, “The signing of the linkage agreement with India’s NPCI International represents an important strategic milestone in strengthening Bahrain’s presence in the global digital financial landscape. The partnership underscores our commitment to delivering advanced digital payment services that contribute to supporting the national economy and expanding economic relations between Bahrain and India. The new service will enable citizens and residents in both countries to send and receive money instantly and securely, reflecting our continuous efforts to meet the growing demand for fast, reliable, and cross-border financial solutions.”

Once live, this partnership will pave the way for seamless and inclusive cross-border remittances between India and Bahrain, supporting the shared vision of both nations to enhance digital connectivity and build an efficient, real-time payment ecosystem.

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The two-day conference, scheduled for 3-4 November 2024, will be held at Crowne Plaza, Kingdom of Bahrain. This year’s conference is themed: “Leveraging Islamic Finance to Build a Sustainable, Efficient, and Resilient Halal Ecosystem for Muslim Economies”.

Considered one of the most significant gatherings in the Islamic finance industry, the conference this year will host Shari’ah scholars, policymakers, and decision-makers to discuss pressing matters in the Islamic finance industry globally. The conference will be supported by a variety of partners and sponsors, including Islamic banks and financial institutions, academic institutions, technology companies, and other support service providers and knowledge-sharing platforms.

H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of AAOIFI Board of Trustees remarked on this occasion: “We are honored to once again host our annual conference in Bahrain. We eagerly anticipate engaging in discussions on vital issues and Islamic finance-based approaches and solutions that can be leveraged to build a sustainable, efficient, and resilient Halal ecosystem for Muslim economies. We extend our profound appreciation to the Central Bank of Bahrain and the Islamic Development Bank for their unwavering support to AAOIFI and its pivotal initiatives, encompassing this important conference. In sha Allah, we look forward to welcoming all AAOIFI stakeholders to Bahrain”.

The two-day conference will feature keynote addresses from distinguished dignitaries and policymakers, along with seven-panel discussion sessions. These discussions will explore how Islamic finance can build a sustainable Halal ecosystem, covering topics such as transitioning from Halal finance to a Halal economy, enhancing supply chains, and addressing governance and transparency in Islamic finance, among other relevant topics.

Khalid Al Hamad, Executive Director of Banking Supervision at the Central Bank of Bahrain, also commented on this occasion: “The Central Bank of Bahrain is pleased to support this conference, which underscores our ongoing commitment to the advancement of Islamic finance both locally and globally. This conference provides a valuable opportunity for stakeholders to examine the evolving dynamics of Islamic finance and its broader economic implications. It is essential that we continuously evaluate and refine our strategies to address the diverse needs of the stakeholders. We believe the insights gained from this conference will play a crucial role in shaping and improving economic and financial practices worldwide”.

Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, also commented on this occasion: “The Islamic Development Bank is committed to showcasing how Islamic finance can build a more sustainable, efficient, and resilient Halal ecosystem. Our focus is on leveraging innovative financial strategies and practices rooted in Islamic principles, rules, and values, as well as AAOIFI standards, to drive economic efficiency, financial stability, and long-term growth in Muslim economies. This conference provides a vital platform to address current economic, financial, and environmental challenges, showcasing our commitment to upholding the broader goals of Shari’ah”.

In conjunction with the conference, AAOIFI is also organizing the 2nd edition of Capacity Building Week, which will commence on 2 November 2024 and continue from 5-8 November 2024. This event is expected to draw over 200 participants from more than 30 countries, who will engage in over 20 concurrent workshops, facilitated by 20 AAOIFI trainers.

For registration and more information about the conference, please click this link: https://bit.ly/3Tx6ojI

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