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According to Moody's, Bahrain is a key player in sukuk issues, with over a half of MENA sukuk transactions being undertaken in Bahrain in 2007. To show that Bahrain is a serious competitor of Dubai, Islamic banking assets have quadrupled from 2003 to 2007 to $16.4bln.
Market Size
Bahrain is widely recognised as having one of the best Infrastructure in Islamic banking, playing host to some of the key hosts in the industry such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Liquidity Management Centre (LMC), the International Islamic Financial Market (IIFM) and the Islamic International Rating Agency (IIRA).According to the Central Bank of Bahrain, currently there are 24 Islamic banks and 11 takaful operators present in the Kingdom.
In just six years, Islamic banking assets have increased by over 400% in Bahrain from $1.9bln to $10.3bln in 2006. Strong emphasis placed on education and training, with the Bahrain Central Bank setting up the Waqf Fund,focusing on research, industry standards and standardisation.
Key Developments
Jun. 2008: Central Bank of Bahrain launches sukuk instruments with the Liquidity Management Centre (LMC) to provide short term liquidity for financial institutions. Apr. 2008: Islamic Bank of Asia opens its first office in Bahrain. Expectations are high from a back that has investments from some of the most prominent families in the GCC region.
Feb. 2008: The first Islamic bank focusing on the energy sector gains approval from the Central Bank of Bahrain. The International Energy Agency projects that the MENA region requires $56 billion per year, until 2030.
Feb. 2008: The world's largest takaful organisation, Solidarity, plans to raise $55 million through an IPO. Solidarity aims to step up its plans to expand into Europe and North Africa.
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Key Statistics
Population
1.047 million
- 80% Muslim
- 10% Christian
- 10% Other
Economics
GDP: $20 billion
- GDP per capita: $23,604
- Currency: Bahrain dinnar
Index of Economic Freedom: 25th freest economy in the world
Global Financial Centres Index: Fastest growing financial centre
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