Bahrain's Islamic banks to strengthen links amid crisis

Islamic banks in Bahrain have agreed to strengthen links in an effort to boost the banking industry in the kingdom amid the global financial crisis.

A number of CEOs and high-level decision makers within the Islamic banking industry have pledged to meet regularly to help each other cope with the current economic challenges.

Islamic banks have been perceived as a safer haven for investments, especially in the wake of the financial crisis that has devastated the conventional financial system.

This initiative is considered the beginning of a long-term cooperation which will "significantly contribute" towards enhancing mutual support between Islamic banks in the kingdom, a statement said.

"The participation of the industry leaders with their shared thoughts and views, will contribute highly towards strengthening the Islamic banking industry in Bahrain and the region," it added.

Top officials affirmed their willingness to face the current circumstances as a unity, capable of dealing with the various economic and social conditions.

They also agreed to hold more meetings in the near future.