November 23, 2014
Manama, Economic Development Board, 23rd November 2014: Officials from the Economic Development Board are in Frankfurt/Main this week to attend the annual Frankfurt Euro Finance Week 2014. Dr Jarmo Kotilaine, Chief Economist at EDB is one of the MENA experts giving a keynote address on Bahrain’s role as the hub of the MENA region on Thursday 20 November, the 4th day of the annual top level gathering.
In the subsequent panel discussion, Dr Kotilaine will also discuss opportunities and challenges for businesses in the MENA region, and highlight the competitive environment of the financial sector in Bahrain.
Dr Jarmo Kotilaine commented: “Due to its role for half a century as a diversified regional financial centre, , Bahrain has seen a growing interest in the MENA region – not least with regard to Islamic finance, one of the region’s biggest growth drivers.”
For the second year in a row, Bahrain has been named the GCC’s leading Islamic finance market and second out of 92 countries worldwide, according to the ICD-Thomson Reuters Islamic Finance Development Indicator (IFDI).
Dr Jarmo Kotilaine added: “Islamic finance has an important role to play within the wider financial sector in Bahrain and the GCC, and the growth that the sector has seen is testament to that. We are committed furthering growth of this industry in Bahrain, and to working with countries across the world as they look to establish Islamic finance industries in their own markets.”
Bahrain is home to 23 Islamic banks, and is host to a number of organisations dedicated to advancing Islamic finance policy and regulation, such as the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the International Islamic Financial Market (IIFM), the General Council for Islamic Banks and Financial Institutions, the Islamic International Rating Agency (IIRA), the Thomson Reuters Global Islamic Finance Hub and Deloitte’s Islamic Finance Knowledge Center, making the Kingdom a knowledge hub for the industry.
To read 2014 report, please visit http://www.zawya.com/islamic-finance-development-indicator/