Islamic Project Finance Is Also a Growth Area Adding Liquidity to the Regional Gcc Market. Bahrain Is Generally Considered the Region's International Financial Hub and Is Consolidating its Status as an Islamic Finance Center. If Not the World. According to Statistics from the Union of Islamic Banks, and Much of this Is Managed from Bahrain. This Tiny Island Nation of 640,000 People Has 16 Islamic Banks, Most with Onshore and Offshore Operations and at Least 5 Other Islamic Financial Firms.
Islamic Banks Are No Exception.
The Bma Is Both Bahrain's Central Bank and its Regulatory Body. The Bma Is Responsible for the Licensing, Supervision and Regulation of All Banks and Financial Institutions, Including Islamic Ones for Whom it Has Developed a Special Set of Regulations. The Bma Is Noted Worldwide For Sound Reporting Practices, Adherence to International Standards, and Rigorous Enforcement of Regulations. The Bma Regulates Islamic Banks with Equal Rigor, Providing Reassurance to Bankers and Their Customers. Many of Bahrain's Islamic Banks Are Set up as Subsidiaries of Well-established Conventional Banks, Which Are Already Familiar with Bahrain's Strengths.