CBB ( the Central Bank of Bahrain ) issued the annual figures showing a 50% asset increase in the Islamic banking figures for 2008. The assets
now stand at $24.6 Billion USD against the figure of $16.4 Billion USD for 2007.The recent successes of Islamic Banking have been notes by the kingdom as well as other conventional banks and has led to the issuing of 33 licenses for Islamic financial institutions and the go ahead for the integration of Islamic finance branches in the already established conventional banks. The underlying principles at the core of Islamic banking have helped these institutes not just withstand the global crisis but also seen them flourish with more and more people turning to Islamic banking.
Rasheed Al Maraj, the governor of the Central Bank of Bahrain, stated the importance of the tried and tested regulatory standards of banking in Bahrain in playing a major role in the steady growth seen in recent times. Bahrain with its educated workforce, great infrastructure and help services is seen as a prime location for investors looking for the best possible returns on their investments. The conservative, religious values based regulation is now more than ever the way forward especially with the economic troubles around the globe forcing people to rethink financial principles.
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