LONDON: Bahrain has topped the regional rankings of a key Islamic finance league table.
It also came second globally in the in the fifth edition of the Islamic Finance Development Report and Indicator.
The report was prepared by Thomson Reuters and the Islamic Corporation for the Development of the Private Sector (ICD) — the private sector development arm of the Islamic Development Bank. It followed Malaysia in the top slot.
“Islamic finance is a core pillar of our region’s offering,” said Khalid Hamad, executive director of banking supervision at the Central Bank of Bahrain. “We also continue to see investments made in technology and these are making a tangible impact, unlocking innovation and entrepreneurship.”
Islamic finance assets are projected to reach $3.8 trillion by 2022 from $2.2 trillion in 2016, ICD said.
With 24 Islamic banks holding assets valued at more than $25.7 billion, the report also noted that Bahrain is making great strides through the promotion of Islamic finance education and literacy.
The Central Bank of Bahrain recently released a new Shariah governance module which is significantly impacting the Shariah compliance and governance standards among Islamic banks in Bahrain, ICD said.
“With Bahrain’s very high level of Internet usage, we are capitalizing on the development of the ICT sector,” said John Kilmartin, executive director of ICT at the Bahrain Economic Development Board.
The Kingdom is supporting the disruptive power of technology and the growth of new industries by continuing with a policy of regulatory reform, ICD added.
Bahrain tops regional Islamic finance table
Bahrain tops regional Islamic finance table
Acwa signs key terms to develop 5GW of renewable energy capacity in Turkiye
JEDDAH: Saudi utility giant Acwa has signed key investment agreements with Turkiye’s Ministry of Energy and Natural Resources to develop up to 5 gigawatts of renewable energy capacity, starting with 2GW of solar power across two plants in Sivas and Taseli.
Under the investment agreement, Acwa will develop, finance, and construct, as well as commission and operate both facilities, according to a press release.
The program builds on the company’s first investment in Turkiye, the 927-megawatt Kirikkale Independent Power Plant, valued at $930 million, which offsets approximately 1.8 million tonnes of carbon dioxide annually, the statement added.
A separate power purchase agreement has been concluded with Elektrik Uretim Anonim Sirketi for the sale of electricity generated by each facility.
Turkiye aims to boost solar and wind capacity to 120GW by 2035, supported by around $80 billion in investment, while recent projects have already helped prevent 12.5 million tonnes of CO2 emissions and reduced reliance on imported natural gas.
Turkiye’s energy sector has undergone a rapid transformation in recent years, with renewable power emerging as a central pillar of its strategy.
Raad Al-Saady, vice chairman and managing director of ACWA, said: “The signing of the IA (implementation agreement) and PPA key terms marks a pivotal moment in Acwa’s partnership with Turkiye, reflecting the country’s strong potential as a clean energy leader and manufacturing powerhouse.”
He added: “Building on our long-standing presence, including the 927MW Kirikkale Power Plant commissioned in 2017, this step elevates our partnership to a new level,” Al-Saady said.
In its statement, Acwa said the 5GW renewable energy program will deliver electricity at fixed prices, enhancing predictability for grid planning and supporting long-term industrial investment.
By replacing imported fossil fuels with domestically generated clean energy, the initiative is expected to reduce Turkiye’s exposure to global energy market volatility, strengthening energy security and lowering long-term power costs.
The company added that the economic impact will extend beyond the anticipated investment of up to $5 billion in foreign direct investment, with thousands of jobs expected during the construction phase and hundreds of high-skilled roles created during operations.
The energy firm concluded that its existing progress in Turkiye reflects a strong appreciation for Turkish engineering, construction, and manufacturing capacity, adding that localization has been a strategic priority, and it has already achieved 100 percent local employment at its developments in the country.
