FT starts Bahrain Financial Exchange

BFX will provide opportunity to trade in various asset classes such as derivatives, equities, fixed income, exchange traded funds and structured products in both the conventional and Islamic finance vertical

Financial Technologies-promoted the Bahrain Financial Exchange (BFX) – the first multi-asset exchange in the Middle East and North Africa region, has commenced live trading on Wednesday. The Islamic division (Bait Al Bursa) of the exchange was started in February.

BFX will provide opportunity to trade in various asset classes such as derivatives, equities, fixed income, exchange traded funds and structured products in both the conventional and Islamic finance vertical.

In its initial phase, the BFX listed three derivatives products Natural Gas Futures, Gold Futures and Euro US Dollar Futures. BFX will soon add additional offerings from currencies, commodities and indices baskets, the exchange said in a press release on Wednesday.

Mr H.E. Rasheed Al Maraj, the Governor of the Central Bank of Bahrain, said the start of the conventional division of the exchange will greatly benefit the financial markets of the Kingdom of Bahrain. It will be utilised by the financial institutions based locally as well as regionally for the investment and trading requirements of their investors, he said.

Mr. Jignesh Shah, chairman & group CEO, Financial Technologies and chairman of the Bahrain Financial Exchange, said the Kingdom of Bahrain being the oldest financial centre of the Gulf and a globally leading centre for Islamic finance is the ideal location for an international multi-asset exchange like the BFX which offers products in both Islamic and conventional finance accessible to the trading community across the globe.

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Muthoot Fincorp ties up with MoneyGram for global money transfer services

The tie-up is expected to offer instant money transfer services to the Indian expatriate community across the globe.

Muthoot Fincorp, engaged in the financial services segment, has entered into an alliance with the global instant money transfer brand, MoneyGram, through UAE Exchange.

The tie-up is expected to offer instant money transfer services to the Indian expatriate community across the globe.

Mr Thomas John Muthoot, CMD, Muthoot Fincorp, said the strategic alliance would combine the companies' strengths, MoneyGram's global presence and Muthoot Fincorp's pan-India branch network.

Muthoot Fincorp Ltd, part of the Muthoot Pappachan Group, is a provider of finance in the form of gold loans and a host of other financial products.

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Postal savings scheme collections at Rs 2,74,720 crore in 2011

“Central and state governments take various measures from time-to-time to promote and popularise small savings schemes through the print and electronic media”: Sachin Pilot, Minister of State for Communications and IT

The government today said gross collections under various small savings schemes of the Indian Post increased by about 9% to Rs 2,74,720 crore in 2010-11 in comparison to the previous year.

"The gross collection under various small savings schemes during 2009-10 and 2010-11 were Rs 2,50,931 crore and Rs 2,74,720 crore (provisional), respectively," Minister of State for Communications and IT Sachin Pilot said in a written reply to the Lok Sabha today.

"The gross collection has registered an increase of 8.78% compared to the previous year's collection," he added.

"Central and state governments take various measures from time-to-time to promote and popularise small savings schemes through the print and electronic media, as well as holding seminars, meetings and providing training to various agencies involved in mobilising deposits under various small savings schemes," he said.

Responding to another question, Pilot said 24,015 post offices have been computerised and upgraded.

In addition, under the "look and feel" component of the Indian Post's 'Project Arrow', 1,530 post offices have been given a face-lift, he added.

Pilot said Rs 228.50 crore was allocated for the project in 2008-09, Rs 178.01 crore in 2009-10, Rs 244.64 crore in 2010-11 and Rs 88.38 crore during 2011-12.

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