Bahrain features prominently in a new report into Islamic Finance from Thomson Reuters in cooperation with the Islamic Corporation for the Development of the Private Sector, the private sector development arm of the Islamic Development Bank.
The island kingdom was placed top among all GCC countries, reports Arab News and second globally behind Malaysia in the fifth issue of the report.
With 24 Islamic banks holding assets valued at more than $25.7 billion, Bahrain is at the forefront of providing access to Islamic finance in addition to promoting it via education and financial literacy initiatives, the report noted.
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 added.
“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.”
“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.
Islamic finance assets are projected to reach $3.8 trillion by 2022 from $2.2 trillion in 2016, according to the ICD.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.