Dubai, UAE - 24 June 2002 (PRN): Bahrain's determination to not only retain but to strengthen its position as the Middle East's pre-eminent financial centre will be underlined next month.

His Excellency Shaikh Ahmed Bin Mohammed Al Khalifa, Governor of the Bahrain Monetary Agency, has accepted an invitation to deliver the keynote address in Geneva, Switzerland, to the International Islamic Finance Forum (www.iiff.net).

The move comes as Bahrain - host to nearly 200 banks and other financial institutions applying both conventional and Islamic principles - faces new competition from the recently announced Dubai International Finance Centre.

Dubai has thrown down a gauntlet to Bahrain by declaring it wants to become the Hong Kong or Singapore of the Middle East for financial services - including the Islamic finance sector.

But Dubai's financial centre, for the moment, exists only on paper and the thrusting member of the federal United Arab Emirates faces an uphill battle against well-established Bahrain, only 40 minutes away by air.

"By diligent and prudential application of sound banking principles and the implementation of a firmly based regulatory regime, Bahrain enjoys a worldwide reputation as a safe place in which to conduct business," says the Bahrain Monetary Agency.

As well as providing the keynote address to next month's Forum in Geneva, Shaikh Ahmed will also take part in a high level debate on the regulatory environment which will provide an answer to the question "Is Islamic finance sound finance?"

The session will be chaired by the outspoken Khalid Janahi, Group Chief Executive of Dar Al-Maal Al-Islami, Switzerland, and include contributions from Charles Freeland, Deputy Secretary General of the Basel Committee on Banking Supervision; Jonathan M. Winer, former US Deputy Assistant Secretary of State for International Law Enforcement; and Elisabeth Jackson-Moore, Managing Director Middle East Banks, Moody's Investor Services.

The International Islamic Finance Forum (www.iiff.net) series is organised by the Institute for International Research offices in Dubai, United Arab Emirates, in association with the New York offices of Dow Jones.

The sponsors are: National Commercial Bank, the second most important provider of Islamic banking services in the Kingdom of Saudi Arabia with total assets of US$26.5 billion; Faisal Finance (Switzerland), part of Dar Al-Maal Al-Islami Trust, with paid up capital of CHF20 million; Oasis Global Management Company (Guernsey), established to provide clients with the opportunity of investing in international security markets around the globe; Bahrain Monetary Agency, the country's central bank which pursues a long-term aim of ensuring Bahrain retains its position as the Middle East's leading financial centre; Wall Street Journal Europe is the official media partner; ABQ Zawya is the official Internet partner and maintains the IIR Islamic finance pages at www.zawya.com/iiff

For further information, contact:

Chris Mullinger
Conference Director
IIR Holdings Ltd
Dubai
United Arab Emirates
Tel: +9714 351 2777
Fax: +9714 351 8604
E-mail:chris.m@iirgulf.com
http://www.iiff.net