SINGAPORE is keen to replicate Bahrain's Islamic banking model as part of its strategy to introduce the Islamic banking industry in that region of the world, BMA Governor Shaikh Ahmed bin Mohammed Al Khalifa, has said, writes Mehmood Rafique.
"We are working with all countries to share our experience as the Islamic banking segment has emerged as one of the most promising segments of the global economy. We have a double-digit growth in the Islamic banking industry and we will continue to achieve even greater results through competitiveness," he said. Briefing the media after the opening of WIBC 2004, Shaikh Ahmed said that Bahrain would continue to play a leading role to offer a congenial growth environment to the banks and financial institutions.
He said that BMA had issued first rule book covering the needs of the conventional banks. "Now we have five rule books in the pipeline addressing the entire financial sector in the Kingdom and the process of issuance these five rule books will be completed by the end of the next year," Shaikh Ahmed said.
BMA's Deputy Governor Khalid Al Bassam, Dr Khalid Attique Executive director banking supervision, Anwer Khalifa Al Sadah, executive director, financial institutions supervision and Dr Abdulrahman Said, executive director for services also briefed the media about the BMA's plans and strategy.
"Bahrain has attracted a good number of institutions and these institutions are working in close coordination with the Agency. We will continue to work for implementing the best regulatory regime for the Islamic and conventional banks as well as the insurance sector," he said.
Al Bassam said that Bahrain has emerged as one of the pioneer Islamic banking centre in the region. "We have the largest concentration of Islamic banks and financial institutions in Bahrain and the Kingdom is keen to enhance the base of the Islamic banking industry."
Anwer Khalifa Al Sadah said that Kingdom's decision to establish the Bahrain International Insurance Centre would put Bahrain at the global insurance industry map. Anwer Sadah, who is also responsible for the insurance sector at BMA, said that we have over 144 Insurance companies.
Dr Khalid Attiq said that Bahrain's banking sector has the capability to work in accordance with the strict regulatory discipline and BMA would continue to provide all-out assistance to the banks and financial institutions.
© Bahrain Tribune 2004
