Premier: Bahrain regional hub for Islamic banking

Manama, Dec. 1 (BNA): His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa stressed Bahrain's success in turning into a financial and banking hub in the region and the world. In an interview with Islamic Finance Today magazine, he said this success is the result of strenuous efforts and a clear-cut vision of the investment momentum and the global financial markets. He also added that without a sound infrastructure, including a developed telecommunication sector and appropriate legislations, this success would not become a reality. HRH the Prime Minister hailed Bahrain's hosting of the International Islamic Banking Conference 2015 which, he said, mirrors the kingdom's distinguished standing in the exhibition and conference industry. He took pride in Bahrain's status as a hub of Islamic banking in the region, pointing out that many well-reputed financial and banking institutions are operating from Bahrain. He also praised Bahrain's contribution to the success of Islamic banking which has become evident with the growing number of specialised banks and financial institutions. HRH the Premier emphasised Bahrain's keenness to provide more facilities for the banking and financial institutions to further develop the sector and lure more investments. He pointed out that 403 banks and financial and insurance institution are operating from Bahrain, affirming that this success serves as an incentive to continue developing this sector and boosting its contribution to the Gross National Product (GNP). He also noted that Bahrain has got a long-term vision concerning the banking and financial sector, asserting that its development will continue unabated. HRH the Prime Minister underlined the growing importance of Islamic banking all over the world which testifies to its success, pointing out the importance of education and training to provide the sector with highly qualified personnel. He described investing in Bahraini people as the main guarantor of a better future for the posterity, commending the efforts and competence of the national workforce in various banks and financial institutions. HRH the Premier underscored the outstanding role of the Central Bank of Bahrain (CBB) in reviewing the financial policies and upgrading them according to global changes. He also voiced keenness on developing legislations to meet the requirements of the sector. Bahrain is set to host on Wednesday the International Islamic Banking Conference 2015 which will convene in Bahrain for the 22nd time and is expected to bring together more than 1300 participants from more than 50 countries.