A global Islamic finance pioneer
Bahrain is recognized as the global leader in Islamic finance, ranking 2nd in MENA and 4th globally for Islamic finance development (ICD 2021). We set the benchmark early for Islamic banking regulation by establishing the Bahrain Islamic Bank in 1978, and have nurtured the concepts, rules, and standards of Shari’a banking compliance in Islamic banks ever since. In this way, we are able to cater to the needs of both mainstream Islamic finance and the new breed of FinTech entrepreneurs who offer Shari’a-compliant products. Our continued focus on innovation and customer service has made Bahrain a top destination for Islamic finance development.
An unrivalled knowledge hub
Bahrain has the highest concentration of Islamic finance institutions in the region: 11 wholesale Islamic banks and 6 retail Islamic banks. A highly connected ecosystem, our expertise spans every area of Islamic financing, from asset management and Sukuk issuance to Shari’a-compliant insurance and reinsurance.
A growing Takaful industry
Bahrain, currently home to 6 Takaful firms and 2 Retakaful firms, is the ideal jurisdiction for the industry. The Central Bank of Bahrain has also implemented the new Takaful model which enhances solvency status assessment of these firms.
Largest Islamic finance market in the region
Total Islamic banking assets held in Bahrain stood at USD 34.6bn as of 2021, making it one of the region’s largest Islamic finance and banking markets.
An innovative government
The Central Bank of Bahrain is continuously implementing new initiatives and policy tools to further develop Bahrain’s standing in Islamic finance, most recently: a new Takaful model and a new Shari’a-compliant Wakalah investment tool.
Bahrain is home to the region’s largest concentration of Islamic finance institutions that deal in almost every area of Islamic finance and Islamic products. We are proud to rank 3rd in MENA and 6th globally for Islamic FinTech, as per the 2022 Global Islamic FinTech Report.
Who’s Here:
