Hi, well it's about time we have a thread related to financial news, enjoy:

BMA & TOCOM join hands, sign MoU
The Bahrain Monetary Agency (BMA), the central bank and financial services regulator of the Kingdom of Bahrain, and The Tokyo Commodity Exchange (TOCOM), the world's leading bullion and energy exchange, have today signed a Memorandum of Understanding (MoU) aimed at developing cooperation between the two institutions.

The MoU was signed, at TOCOM's premises in Tokyo, by H.E. Rasheed Mohammed Al Maraj, Governor of the BMA, and Mr. Masaaki Nangaku, Chairman of TOCOM. Also present was H.E. Khalil Ibrahim Hassan, Bahraini Ambassador to Japan.

The MoU provides a formal framework for a cooperative relationship between the BMA and TOCOM. The two institutions intend to develop an institutional framework to enable financial institutions, brokers and others in Bahrain to conduct transactions on the TOCOM that comply with the requirements of the Shari'a, Commodity Exchange Law of Japan and the general rules of the Exchange.

Based on the MOU, TOCOM and the BMA will engage in sharing the Exchange documentation and obtaining approval from BMA's Shari'a Advisory Board to designate the TOCOM as the BMA's approved and preferred trading house for oil exchange transactions conducted in accordance with Shari'a requirements.

'We are delighted to enter into this agreement with The Tokyo Commodity Exchange (TOCOM),' said Mr. Al Maraj, following the signing of the MoU.

'We are keen to work closely with TOCOM and co-operate in developing commodity based contracts that are in line with Shari?fa principles.'

Commenting on the occasion, Mr. Nangaku said, 'It is an honor for TOCOM to establish such a partnership with the Bahrain Monetary Agency (BMA).'

'Since the creation of TOCOM in 1984, one of TOCOM'?'missions has been to contribute to the development of the global and Asian marketplace. We are very much delighted to having this opportunity to cooperate with BMA to further expand the scope of this mission by making TOCOM markets available to financial institutions in Bahrain.' Bahrain is the leading international financial center in the Middle East region, he pointed out.

The BMA is seeking to develop Shari?fa compliant products, which enable Islamic financial institutions to trade in various types of commodities listed on the TOCOM. The assets of the global Islamic banking industry are currently estimated to exceed US$250 billion.

TOCOM hopes the alliance with the BMA, which enjoys a reputation of being the most innovative and highly regarded regulator in the Middle East, will promote market growth by attracting new market participants from Bahrain with the support of the BMA, and will strengthen TOCOM's position as the provider of benchmark prices to the world market, and expand the trading of commodities by Islamic financial institutions.

AFS and Euronet Worldwide join forces to launch Euronet Middle East


Arab Financial Services Company B.S.C (c) (AFS), the region's leading provider of electronic payments and consumer finance outsourcing services has announced in September 2005, the launch of a joint venture with Euronet Worldwide, Inc. (Nasdaq: EEFT), a worldwide renowned electronic payments provider to boost ATM and POS driving in Middle-East and North Africa.

The new joint venture company, 'Euronet Middle East', will offer unsurpassed outsourcing capabilities to banks and financial institutions across the Middle East, North Africa and Pakistan.

Euronet Middle East will be based in the Kingdom of Bahrain and will provide bank clients with debit card management and operational services, ATM and POS outsourcing services, Chip card issuing services, and Gateway services to Visa/MasterCard and National switches. The company will also provide value added services including bill payment and GSM top-up transactions, among others.

Euronet Middle East will have the region's largest state-of-the-art card processing centre with a scalable capacity, utilizing Euronet's core software product, Integrated Transaction Management (ITM), which currently drives Euronet's processing centers in Europe and Asia Pacific. Moreover, Euronet Middle East has been licensed and regulated by Bahrain Monetary Agency.

Ghazi Abdul Jawad, chairman of AFS, said: 'The joint venture allows AFS to leverage its card outsourcing market leadership in the region with Euronet's proven software solutions and outsourcing services. Our strong business foundations and cultural affinity in the region, along with the technical and management support from Euronet, will ensure the success of this new venture.'

AFS will provide Euronet Middle East with the market reach required to gain a strong foothold in the region and Euronet will provide the technical expertise to operate the debit switching, ATM and POS outsourcing business model.

'The new joint venture allows Euronet to take advantage of the growing demand for innovative financial outsourcing solutions in the region and establish a world-class processing centre locally,' said John Romney, Euronet Worldwide Managing Director of EMEA region. 'This mutually-beneficial venture ensures that client banks in the region will benefit from the combined strengths and capabilities of Euronet and AFS.' added Romney.


'Euronet Middle East will operate the largest card processing and Management center in the Middle East with a capacity of 30 million transactions per month. Our state-of-the-art technology and consultancy services along with our dedicated account management resources will ensure that our client banks receive unsurpassed service quality which will enhance their retail banking performance.'

added Mr. Sael Al Waary, Chairman, Euronet Middle East.

December 1, 2005

A call for bankers and financial regulators to put into practice “wholeheartedly” the Basel II accord was made by Bahrain Monetary Agency governor (BMA) Rasheed Mohammed Al Maraj yesterday as he opened a high-level symposium on the global implementation of new international bank-capital rules.

The one-day event, titled “Basel II and Risk Management: Meeting International Standards,” was organised by the Institute of International Finance, a Washington, DC-based global association of financial institutions.
Present at the event were senior regulators and bankers including Charles Freeland, Deputy Secretary-General of the Basel committee of the Bank for International Settlements. Discussions focused on the Basel II accord and its implementation in the Gulf region. Participants represented senior officials from the region’s central banks and industry executives.

Al Maraj urged the financial-service industry in the region to implement Basel II “wholeheartedly” as the new capital rules have the potential for bringing about significant improvements in both the quality of supervision by regulators and risk management by banks. “Basel II constitutes the most significant change to banking regulation in nearly 20 years.”

BMA has endorsed the new accord and intends to implement it in two stages: pillars 2 and 3 (supervisory and disclosure requirements) in 2007, followed by pillar 1 (minimum capital requirements) from 2008 onwards. The event is sponsored by Gulf International Bank and Arab Banking Corporation.

MENAFN - 05/12/2005

A central bank with a $1.32 billion capital will be established in Manama to replace the Bahrain Monetary Agency to meet the Kingdom's comprehensive development plan for the banking sector, Bahrain Tribune reported.

The bank might have branches inside and outside the Kingdom to facilitate its activities. It will be an autonomous commercial and financial organization and have its own budget.

The bank in association with the Ministry of Finance will protect the local currency's value through ensuring certain growth in economy.
It will also fulfill the duties of the government's bank, in terms of advices and being the representative of the government at Arab and international monetary agencies.

link (http://www.menafn.com/qn_news_story_s.asp?storyid=117055)

The Bahrain Monetary Agency (BMA) has granted licences to the Global Islamic Clearing Company (GICC) - an Islamic brokerage company - allowing liquidity clearing in the region, as well as another licence for the establishment of an Islamic investment advisory and consultancy firm specialising in structuring Islamic commodity funds.

The GICC is being established as a joint venture between Bahrain-based Islamic Finance Consultants (IFC) and UK-based financial services firm Dawnay Day Global Investment.

The GICC will undertake Islamic assets facilitation and liquidity clearing from its base in Bahrain.

Currently, liquidity management by Islamic banks is largely transacted through commodity murabaha contracts, via brokers in London.

With the establishment of the GICC, Islamic banks in Bahrain and the region will be able to manage their wholesale and retail liquidity more efficiently in the regional time zone.

"The Bahrain operation of GICC will provide a platform in the region for Islamic banks to interact, raise and place funding," said BMA licensing and policy director Ahmed Al Bassam.

"The establishment of the GICC will add greater sophistication to the Islamic banking industry and will add value to the development of Bahrain as a well-rounded and mature centre for Islamic banking and finance."

The Dawnay Day Group, founded in the UK in 1928, specialises in financial services and property investment, while Dawnay Day Global Investment Limited - also based in London - provides specialist services to clients across the Middle East.

The investment advisory and consultancy firm will be established by professional investors in Islamic funds and the proposed firm plans to offer technical support relating to the structure and acceptability of trade and commodity transactions in compliance with Sharia principles.

"The BMA remains committed to supporting the advancement of Islamic financial services and enable the industry to capitalise on the tremendous opportunities opening up in the wider Middle East region," said Mr Al Bassam.

On its part, the BMA continues its work in developing Islamic debt market instruments.

The BMA also works on a number of market development issues, including a new licensing framework, which will provide additional flexibility to financial institutions wishing to do business in and from Bahrain.

"We welcome the continued interest from financial institutions and groups in doing business from Bahrain," said Mr Al Bassam.

"It is a demonstration of the excellent reputation the country enjoys as an international financial centre."

Good news, they will be inline with the LMC now,,

The world's first education, training and research centre for Islamic finance was announced by the Bahrain Monetary Agency (BMA) and the Bahrain Institute of Banking and Finance (BIBF) yesterday.The Centre for Islamic Finance Studies, which becomes operational next month, is being financed by an endowment fund which has been created through a BD500,000 contribution from the BMA, with more support pledged by six other Islamic banks to be announced later.

The fund's target is BD3 million with an additional BD500,000 sought for a physical expansion of the BIBF to accommodate the new centre.

BMA Governor Rasheed Al Maraj said the centre is envisaged as a catalyst for the next phase of development of the Islamic banking and finance industry.

He said the qualifications offered would create a new generation of professionally and technically qualified Islamic bankers and other professionals for the industry.

BIBF director Khalil Nooruddin said the centre will include a number of highly specialised professional programmes, including Certified Sharia Scholar (CSS), Certified Sharia Auditor (CSA) and Certified Islamic Accountant (CIA).

"There has been a need from the Islamic finance centre to have Sharia scholars who have a qualification to show their level of training," he said.

The centre will also fund research projects to stimulate product innovation.

Mr Nooruddin said the centre will offer courses to bankers based in Bahrain, the Gulf and internationally.

"In addition to face to face courses, there will also be distance learning," he said.

The centre will also co-ordinate with organisations serving the industry to create an International Accreditation Board to set standards for and endorse its programmes.

The announcement was made at a Press conference held on the sidelines of the 12th World Islamic Banking Conference (WIBC) was opened yesterday under the patronage of Prime Minister Shaikh Khalifa Bin Salman Al Khalifa.

More than 700 delegates from about 30 countries are taking part in the event at the Gulf Hotel's Gulf International Convention and Exhibition Centre (GICEC).

More consolidation is needed to strengthen the Islamic finance sector and allow it to compete more effectively with conventional banking giants, said Bahrain Monetary Agency (BMA) Governor Rasheed Al Maraj.He said many product areas in banking are now heavily concentrated in just a handful of banks.

"Only 25 banks account for roughly 40 per cent of the total assets of the world's top 1,000 banks and this trend towards market consolidation looks set to continue," he said.

"By way of comparison, the largest Islamic bank is nearly 100 times smaller than the largest of these global banks.

"Islamic banks need to consolidate and increase their financial strength if they are to meet the challenges posed by better resourced competitors."

Mr Al Maraj said regulators such as the BMA should not force these mergers into being but should provide a strong regulatory framework for them to take place smoothly.

He was speaking at the opening of the 12th Annual World Islamic Banking Conference (WIBC) yesterday at the Gulf Hotel's Gulf International Convention and Exhibition Centre (GICEC).

The two-day event, under the patronage of Prime Minister Shaikh Khalifa Bin Salman Al Khalifa, is organised by Dubai-based Mega Events.

More than 700 delegates from more than 30 countries are taking part in the event, being held under the theme Unlocking Market Opportunities: Consolidation, Innovation and Growth.

The delegates engaged in stimulating debate on major issues in the interactive conference sessions, which are being moderated by BBC Middle East Business Report presenter Nima Abu-Wardeh.

The World Islamic Banking Exhibition was also inaugurated by Mr Al Maraj.

It showcases leading Islamic banks, finance companies, media, insurance companies and information technology (IT) providers.

Chief executive officers from leading Islamic financial institutions debated the findings of the WIBC McKinsey Competitiveness Report 2005-2006 at the closed-door CEO Strategy Session.

The report by leading international strategy consultancy McKinsey and Company was launched at a pre-conference session on Saturday and highlights Industry trends and market performance insights.

The first-ever dedicated bank for the tourism sector called International Tourism Bank (ITB), with a paid-up capital of $1 billion and issued capital of $2 billion, will usher in a new era in the development of the tourism industry in the Middle East, chairman and the managing director of Bahrain-based Investors Bank, Sami Al Bader, said yesterday.
ITB, under formation, will be based in Bahrain and open its doors for business early next year.
Al Bader, who also chaired Investors Bank's extraordinary general meeting (EGM), told Bahrain Tribune that the bank which had posted $60 million in net profit in the first 11 months of this year against just over $2 million in net profit last year, would be listed on the Bahrain Stock Exchange (BSE) on Tuesday.
Founder shareholders of ITB are keen to list the new entity on the Bahrain Stock Exchange with the intention to cross-list at Kuwait and Dubai bourses. "We have conducted successful road shows across the world in an effort to introduce the unique project to the outside world as well as Middle Eastern countries.
"Investors Bank, Bahrain, a financial consultant to the new project, is working with the founding shareholders to finalise the size of shareholding for founding members and public shares." ITB is a major step forward to consolidate the tourism and leisure industry of the Middle East region under one umbrella.
The idea had been endorsed by the chairman of the Arab Tourism Council, one of the major promoters of the ITB. Al Bader said: "In the Arab region we have billions of dollars in tourism projects in addition to billions of dollars spent every year by Arabs on tourism.
"The birth of ITB will give a new dimension to Arab tourism, either in projects or in the tourism industry itself." Al Bader added: "We have some very liberal and pro-active regulatory authorities in the Arab world, and ITB would based in one of the best suitable countries. The new entity aimed to consolidate the tourism sector of the Arab region by providing investments, services and technical support to tourism companies.

Bahrain Tribune - 23/12/2005

In order to protect public money, the National Audit Court will extend its jurisdiction to all private companies and establishments which have 25 per cent and more public capital.
The Chamber of Deputies discusses tomorrow a parliamentary bill to vest more powers in the court which supervises only companies with more than 50 per cent public capital.

The courts monitors the financial affairs of government organisations and companies to prevent corruption and compiles its findings and observations in an annual report which is passed by the legislative authority.
The Bahrain Chamber of Commerce and Industry, however, fears that the bill might lead to red-tapism and unwarranted control on investment activities which might discourage foreign investors.

The BCCI says many companies might not be able to keep their trade secrets and the government would impose its decisions on the private sector.
The BCCI also fears that the Kingdom's years of hard work to establish a strong foundation and favourable environment for investments would be wasted if expatriate businesses were to leave for nearby countries which have more flexible rules and regulations.

Another argument the BCCI propounds is that the government invests its money in projects in and outside the Kingdom and the bill would increase the workload on the court.
The BCCI also opposes the proposed punishments such as life sentences for corrupt individuals, calling them too severe as they would scare away foreign investors.

Deputies Abdulhadi Marhoon, Hamad Al Muhanadi, Yousif Zainal, Abdulnabi Salman and Yousif Al Hirmi, who have tabled the bill, argued that the draft law aimed to fill the legislation gap and offer the highest protection possible to public money.

"Some laws are outdated or need to be updated to cope with the increasing number of white-collar crimes especially those involving public money," Marhoon said.

"The bill also aims to involve the public in the fight against corruption and to protect the kingdom's financial resources."
He said through the bill, the government could further protect foreign capital and encourage investors to establish businesses in the Kingdom.
The Legal Affair Directorate, however, feels the bill is not required because the Panel Code Law had enough teeth to protect public money.

link (http://www.menafn.com/qn_news_story_s.asp?storyid=119657)

^^ i think that’s the right time for this decision, with more companies launching their IPOs someone needs to keep an eye on what’s going on.

Sounds good, I wish they introduced this way before. But yalla, better than never. Jail sentences for corruption are good, life sentence is too much.

MANAMA: Bahrain is launching a comprehensive plan to cut red-tape and streamline administrative procedures for investors, it was revealed last night. Details of the plan, being co-ordinated with the Economic Development Board, will be unveiled today.

Industry and Commerce Minister Dr Hassan Fakhro, who chaired a meeting of a taskforce in charge of identifying obstacles hindering trade activities, said the ministry has approved several measures in a bid to reduce bureaucracy.

Under the new procedures:

* Shares of joint stock companies can now be traded without seeking prior approval from the ministry to amend their internal laws;

* Private sector employees will also be allowed to trade in shares of joint stock companies unless there's a conflict of interest;

* Companies have also been given the green light to hold their annual and board meetings via conference calls or video calls;

* Companies can update their data electronically by liaising with Bahrain Investors' Centre.

A circular has already been issued to the investors' centre and Commercial Registration staff urging them to implement the new procedures.

A series of on-site workshops and training courses will be held to familiarise staff with the new procedures.

The Foreign Ministry has also agreed to open a liaison office at Bahrain Investors' Centre for on-the-spot ratification of trade agreements.

Commercial registers are also being reconsidered so as to accommodate more than one trade operation.

Kuwaiti, Saudi investors form Tourist Bank in Bahrain

MANAMA, Dec 23 (KUNA) -- Most of the investors of the still forming Tourist Bank (TB) in Bahrain were Kuwaitis and Saudis, said here on Friday TB's concessionaire, Investors Bank.

Chairman of Investor's Bank Sami Al-Bader expected today, in a press statement, the TB to start functioning in Bahrain as soon as it would be established during the first quarter of 2006 with a capital of USD 2 billion. The first bank in the region to be specialized in tourism, he explained, would seek to develop tourism projects, in addition to attracting investors and urging them to convey grand projects in the region.

He noted that TB would implement two projects in Bahrain: the first project is to establish a shopping mall with tow residential towers valued at USD 100 billion; and the second project is to establish a resort valued at USD 70 million. (end) na.

link (http://www.kuna.net.kw/Home/Story.aspx?Language=en&DSNO=799871)

^^ i’m sure the 100billion figure in a typing error and it should be 100million but I very interested in hearing about these two projects.

Haha $100 billion, that'll be the biggest project in history.

what do you expect kuwait news agency full of errors.. :jk:

Bahrain Tribune - 28/12/2005

The consolidated balance sheet of the banking system in Bahrain, comprised of full commercial banks (FCBs), offshore banking units (OBUs) and Investment banks (IBs), increased by $4 billion reaching $134.2 billion at end-November 2005, compared with $130.2 billion at end-October.

The Bahrain Monetary Agency (BMA) in monthly statistics released yesterday said that the foreign assets also increased by $3.2 billion and reached $11.59 billion against $110.30 billion in October.

The domestic assets reached $20.6 billion in November as compared with $19.9 billion a month earlier.

link (http://www.menafn.com/qn_news_story_s.asp?storyid=120166)

^^ 4 billion dollars in a single month!! that’s really impressive.

That's a healthy increase, should be great. I think we should have at the end of the year around 385 financial institutions.

Bahrain 'most progressive banking centre'
MANAMA

MANAMA: Bahrain has been named one of the world's most progressive financial centres. It has won the Middle East and Africa category for the Financial Centres of the Future Awards 2005.

The awards are being given for the first time this year by the UK-based The Banker magazine, a sister publication of the Financial Times.

They are in recognition of financial centres which have made the greatest strides in terms of growth and infrastructure in the past year.

"Bahrain is the region's leading financial centre and the Gulf's longest established commercial and business centre," says the magazine.

The awards are based on criteria including the rate of growth of the financial services sector, regulatory quality and supervisory standards, infrastructure and business support services and overall political and economic stability.

Global financial hub

MANAMA: Bahrain has won a key international award, naming it one of the world's most progressive financial centres. It has been named winner in the Middle East and Africa category for the Financial Centres of the Future Awards 2005, by the UK-based The Banker magazine, a sister publication of the Financial Times.

The awards, presented for the first time this year, is in recognition of the financial centres that have made the greatest strides in terms of growth and infrastructure in the past year.

"Bahrain is the region's leading financial centre and the Gulf's longest established commercial and business centre," says the magazine.

"Many years of development and experience give Bahrain a strong reputation as a business and financial centre."

It notes that Bahrain offers a liberal and low-tax economic environment and is undergoing a series of important political and economic reforms.

The awards, presented in four geographic categories, which also included Asia and the Pacific, Western Hemisphere and the Caribbean, were based on a number of criteria, including the rate of growth of the financial services sector; regulatory quality and supervisory standards; infrastructure and business support services; and overall political and economic stability of the jurisdiction.

"The BMA is delighted to be the recipient of the Financial Centres of the Future Award," said BMA executive director, corporate services Dr Abdul Rahman Saif.

"Bahrain's continued development as a mature and sound international financial centre is a matter of pride and encouragement for all of us at the BMA, as we strive to ensure that Bahrain maintains its unrivalled reputation.

"The BMA also strives to maintain its own reputation as the most highly regarded and innovative regulator in the Middle East region."

A cornerstone of BMA's policy has been to implement international best practice to all aspects of financial supervision, said Dr Saif.

In this regard, the BMA continues its work on a major project to review and upgrade, where necessary, the regulatory framework for the entire financial services industry, covering banking, insurance and the capital market.

The work on the regulatory framework is matched by a new integrated licensing framework, which the BMA intends to finalise in the coming months.

The BMA complements its role as regulator with market development initiatives, which continue apace.

A new Trust Law is currently awaiting implementation and the recently issued takaful (Islamic insurance) framework, which is part of BMA's Insurance Rulebook, issued in 2005, is unique, said Dr Saif.

In addition, the BMA continues to pioneer innovative structures for Islamic debt market instruments.

"All this and other BMA initiatives, we hope, will continue to reinforce Bahrain's status as the pre-eminent financial centre and ensure the continued expansion of the country's financial services industry," he said.

good to hear that were still top of our game on this sector. :cheers:

Yes, very re-assuring...Especially with more 'financial centre' projects popping up, such as the most recent island one in Jeddah...

BMA approval for two new banks

MANAMA: The Bahrain Monetary Agency (BMA) has authorised the establishment of two new investment banks - conventional and Islamic.

The new licences were approved earlier this month by Prime Minister and

BMA's Board chairman Shaikh Khalifa bin Salman Al Khalifa.

Gulf One Investment Bank is being established with a paid up capital of $100 million by reputed investors, mainly from Saudi Arabia.

The founders include trading groups and leading bankers, and the bank will provide investment banking products and services to its clients, mainly in the Middle East.

A licence has been granted for a second investment bank, with a paid up capital of $100m.

The bank is being established by prominent investors from Bahrain, Saudi Arabia, the UAE, and Qatar and will offer Shariah compliant direct investment management and complementary investment banking services in the GCC region.

BANKS BOOM!

MANAMA

MANAMA: Bahrain's banking leaders have kicked off the year with soaring profits. The National Bank of Bahrain (NBB) yesterday reported its best ever year, while Bahrain Islamic Bank celebrated a near doubling of its annual profit. NBB announced a record profit of BD30.55 million for last year.

This was 8.1 per cent up on the BD28.26m profit recorded for 2004, the board announced after approving the results.

It is recommending a 40pc dividend totalling BD21.6m for shareholders and a BD1,527,706 payout in donations and contributions to community causes.

At year-end, the bank's total assets stood at BD1,498.10m, an increase of 10.2pc compared to BD1,359.47m at year-end 2004.

Bahrain Islamic Bank's net profit for last year soared by 99 per cent to a record BD7.4m, up from BD3.7m in 2004.

Its board is recommending shareholders' dividends at the rate of 27pc of the paid-up capital, up from 22pc last year.

Operational income rose to BD17.7m, up 63pc against the previous year's BD10.8m.

Investment returns soared by 144pc to BD5.1m, compared to BD2.1m the year before.

Total assets increased to BD321m, an increase of 26pc over 2004.

Bank Assets Rise to $140bn

http://www.gulf-daily-news.com/source/xxviii/331/images/29gent.jpg

MANAMA: Bahrain's total banking sector assets grew by 18 per cent last year to reach over $140 billion Bahrain Monetary Agency (BMA) Governor Rasheed Al Maraj said.

This is equivalent to nearly 13 times the Gross Domestic Product and shows the robustness of the sector, he said.

"We are also seeing an increase in new entrants to the market. Last year, the BMA issued 23 new licences; additional applications had to be turned down because they didn't meet our licensing criteria," said Mr Al Maraj.

"International interest in doing business in the region and in using Bahrain as a location from which to conduct that business, is growing.

"In short, the financial services sector and with it the market for technology products and solutions, is expanding."

He was speaking at the opening of the Middle East Financial Technology Exhibition and Conference (MEFTEC) and the Government Technology Middle East Conference and Exhibition (GOVTEC) yesterday.

The three-day events are being held simultaneously at the Bahrain International Exhibition Centre (BIEC).

They are being organised by Media Generation in partnership with the BIEC.

The BMA is also a partner in the organisation of MEFTEC and the Central Informatics Organisation in GOVTEC.

MEFTEC is under the patronage of Mr Al Maraj while GOVTEC is under the patronage of Industry and Commerce Minister Dr Hassan Fakhro.

Mr Al Maraj said that the high levels of revenues and profits currently being enjoyed by established financial institutions offered a major opportunity to upgrade systems and enhance capabilities.

"Technology, if implemented effectively and at reasonable cost, can provide institutions with real competitive advantages, in levels of service, cost or capabilities," he said.

Mr Al Maraj said that security is also firmly on the BMA's agenda this year.

"As technology evolves, so do the risks to confidential client information and financial assets," he said.

"ATM and credit card fraud, for instance, is a significant world-wide phenomenon. The isolated cases of ATM fraud that recently occurred here show that Bahrain is not immune to these risks.

"We take these issues seriously, as witnessed by our existing requirements and examination procedures.

"However, because technology and the types of threats continue to evolve, we will continue to review banks' security procedures and our regulatory requirements.

"Modern technology can play a part in minimising security risks and we expect banks to make use of the solutions available in this respect.

Dr Fakhro said that the Middle East region was a fast emerging market with a huge purchasing power. "It has a population of almost 240 million and, growing at a rate of almost 4pc per annum and according to UN population forecasts expected to increase to 500 million by the year 2050," he said.

"It is also one of the world's fastest growing markets for banking and financial technologies. In 2004, the banks and financial institutions in the region spent over $1bn on technology acquisition and upgrades. Financial technology makes up almost 12.5pc of the total regional IT demand of some $8bn."

Microsoft Gulf general manager Charbel Fakhoury said the region showed a lot of potential, with an average year on year GDP growth of over 6.2pc, along with oil price increases in the past 12-18 months and supported by a positive and stable political environment.

"This allows both public and private sector investments in long-term sustainable sectors such as finance, telecommunications, education, healthcare, petrochemicals, trade, tourism, energy, and real estate," he said.

Bahrain to host $20 billion Islamic bank

Manama

Bahrain will host the largest global Islamic bank, with an authorised capital of $20 billion (BD7.5 million), of which $10 billion will be subscribed and 50 per cent paid up. Bahrain Monetary Agency (BMA) has licensed Al Masref as a full-fledged commercial bank that will operate under Sharia principles.

BMA also revealed that significant numbers of international and regional financial institutions were seeking licences. Thirty-two new ones were approved by BMA last year, bring the total to 366, it was announced yesterday.

Bahrain remains the first choice for financial institutions in the Middle East, said BMA's licensing and policy director Ahmed Al Bassam.

The region continues to offer tremendous growth prospects for financial service providers, particularly in the areas of asset management, private banking, life and medical insurance, securitisation, Islamic banking, third party administration services and leasing banking services, he said.

The implementation of a new single licensing framework during 2006 will greatly enhance flexibility for those wishing to do business in and from Bahrain.

Of the new licences issued during 2005, 24 were for banking-related institutions, seven for insurance and insurance-related operations, and one for capital market broker.

date: 04-06-2006

Manama, June. 4 The Bahrain Monetary Agency (BMA) has granted two licenses for a diverse range of banking activities.

The new licenses were approved this month by the Prime Minister and Chairman of the BMA board, Shaikh Khalifa bin Salman Al Khalifa. A license has been issued to American Express Bank Limited to open its first representatives office for private banking in MENA Region. The Bank which is incorporated in London is wholly owned subsidiary to American Express Bank in New York. This license will bring the number of AMEX entities in Bahrain to three entities since AMEX use Bahrain as centre for its operation in the region since 1976. The BMA also granted a second license to Dexia Group to open a Representative Office for Dexia Asset Management Luxembourg S. A. (Dexia AM) in the Kingdom of Bahrain. Dexia is already present in Bahrain with a representative office of Dexia Private Bank Switzerland. Dexia AM believes that it will use Bahrain office its Institutional Sales and Distribution Activity as first entrance in to the Middle East region. The total assets of the group stood at Euro 509 billion at 2005 end. In general, the region continues to offer tremendous growth prospects for financial services providers, particularly in the areas of asset management, private banking, life and medical Insurance, securitisation, Islamic banking. Third party administration (TPA) services, leasing and Investment.

more good news. :)

BMA plans major workshop in Japan

MANAMA: The Bahrain Monetary Agency (BMA) is holding a major workshop in Tokyo, Japan, to foster a better understanding of Islamic finance and Bahrain's importance as the premier financial centre in the Middle East.

The event, entitled Islamic Finance: Opportunities in Banking and Insurance, will be held on June 12 at the Japan National Press Club.

It will feature a presentation by BMA governor Rasheed Al Maraj, who will highlight the development of Islamic finance and the agency's approach to regulating Islamic financial institutions.

Economic Development Board (EDB) chief executive Shaikh Mohammed bin Isa Al Khalifa will also provide an overview of the strength of Bahrain's economy and the wide-ranging investment opportunities in the country.

Bahrain Institute of Banking and Finance's Islamic Finance Learning Centre head Dr Taha Eltayeb Ahmed, who will define the basic concepts of Islamic finance and outline the latest developments and opportunities in the rapidly growing industry.

BMA Licensing and Policy for Islamic Financial Institutions head Abdul Rahman Tolefat will provide an understanding of Islamic insurance (takaful), the opportunities for growth and BMA's regulatory framework for the takaful industry.

The workshop, which is the first of its kind to be organised by the BMA in Japan, targets a select audience of representatives of Japan's financial services industry, decision makers, opinion makers and the media.

"This is the most significant effort to be made by the BMA in Japan, to promote greater awareness of Islamic finance and the tremendous potential this rapidly growing industry offers," said Mr Al Maraj. "We hope this workshop will create new opportunities for co-operation in the economic and financial arenas between Bahrain, which is the gateway to the wider Middle East region, and Japan, a major world economy."

Arcapita doubles equity capital to $800 million
Posted: Monday, June 26, 2006

Abdulaziz Aljomaih

Manama

Arcapita Bank, a leading international investment firm in Bahrain, has announced that it has completed the doubling of its issued equity capital base from approximately $400 million to more than $800 million.

The $400 million equity capital increase comprised a $200 million rights issue to existing shareholders and a $200 million new share issue to strategic investors.

Atif A Abdulmalik, Arcapita's chief executive officer, said: "We are very pleased that the capital increase we announced in May has now been successfully completed, with a 150 per cent over subscription for the new share issue. After the rapid growth of the business to date, the doubling of our equity capital base has strengthened our balance sheet considerably. This will allow further diversification of the products and services that we offer to our investors, as well as an expansion of our global footprint, including opening a new office in either Singapore or Hong Kong, to support continued business development opportunities in Asia."

Arcapita currently sources its investments from its three offices in North America, Europe, and the Middle East and last year, expanded its international reach into Asia by making its first investment in Japan.

Abdulaziz Aljomaih, vice chairman of Arcapita added: "Arcapita's net income and balance sheet continues to grow significantly and we foresee considerable further growth opportunities. In line with the Bank's conservative balance sheet management philosophy, the equity increase will support this growth, whilst allowing the Bank to maintain prudent financial ratios."

Over the last eight years, Arcapita's net income has grown at a compounded annual growth rate of 37 per cent and its balance sheet has grown to approximately $1.9 billion as at 31 December 2005. Arcapita has completed 53 transactions with a total transaction value of approximately $12 billion during this period.

The completion of the capital increase, which is subject to legal and regulatory formalities, follows the recent announcement that Arcapita and its affiliates had signed definitive agreements to complete Arcapita's largest transaction to date, the €620 million acquisition of Paroc Holding Sverige AB, a leading European manufacturer of high grade insulation products.

Arcapita has completed 53 transactions with a total transaction value of approximately $12 billion during this period.

link (http://www.tradearabia.com/tanews/newsdetails_snBANK_article107274.html)

Hi,
I am doing research into Bahrain and, basically, trying to find out as much as possible.

I am trying to find out what private companies there are that are commercially trying to encourage foreign investment (particularly European) in Bahrain - particular by organisations and high nett worth individuals (so not really small investors). All areas interest me, but particularly Financial Services, Petrochemical and downstream, and property.

I know about the government organisations like the BMA and the EDB but am struggling to figure out which companies in Bahrain are doing it as part of their commerical activity.

Any help would be enormously appreciated!

Bahrain's financial sector contributes (GDP) BD965 million

MANAMA: Bahrain's financial sector is the top contributor to the country's economic growth for the third successive year, it was announced yesterday.

The sector's contribution to the Gross Domestic Product (GDP) has increased from BD820.1 million in 2004 to BD965.7m last year.

"This is an increase of around BD145.6m in the GDP, with a rise rate of 17.8 per cent," Central Informatics Organisation Under-Secretary Ahmed Al Amer told a Press conference at the CIO premises in Isa Town.

"The rise increased the sector's contribution to 27.6pc of the GDP.

"This shows that confidence in Bahrain's monetary sector is growing year after year and more growth is expected hopefully this year."

Bahrain achieved a GDP of around BD3.5 billion last year, with an increase of BD253.7m from BD3.24bn in 2004, or 7.8pc, said Mr Al Amer.

"Stable rates have also increased from BD4.2bn in 2004 to BD5bn last year, with an increase of BD826.7m at a rate of 19.7pc.

He said that the 7.8pc increase had been achieved despite the drop in oil production rate in Abu Safah and the Bahrain Field.

"Investments, consultancy and administrative work have contributed to the increase in the monetary sector, in addition to interest-free revenue," said Mr Al Amer.

"The rejuvenated stock markets in the region and the developments in world markets have contributed to growth in the monetary sector.

He said that insurance markets' contribution to the monetary sector had increased.

"It showed an increase of BD30.9m, from BD176.3m in 2004 to BD207m last year," said Mr Al Amer.

He said that the government services sector came in second after the monetary sector.

"It has achieved BD506.4m last year, with its share of the GDP being at around 14.5pc," said Mr Al Amer.

"The oil and gas sector has dropped to fifth in the GDP share, with 11 pc, as it just achieved BD388.2m last year.

He said downstream industries accounted for 13.3pc of GDP, with rises in aluminium, oil industries and refining, liquid gas and petrochemical-related industries.

"The demand for those products in international markets has boomed, in addition to a similar demand for building and foodstuff industries," said Mr Al Amer.

"The real-estate and business services sector contribution to the GDP has increased from BD277.8m in 2004 to BD296.5m last year, an increase of BD18.7m, at a rate of 8.4pc.

Mr Al Amer said that the transportation and telecommunications sector was close to the real estate and business services sector.

"It has achieved BD299.8m last year, an increase of 8.5pc from 2004," he said.

The broad components of GDP are: consumption, investment, net exports, government purchases, and inventories.

Consumption is by far the largest component, totalling roughly two-thirds of GDP.

Now this is great news, definately one of the banks you'd want around. Oh ya, this is around a week old:

Central Bank of Bahrain grants two licences to The Royal Bank of Scotland Group

The Central Bank of Bahrain (CBB), formerly the Bahrain Monetary Agency, has granted a licence to The Royal Bank of Scotland (RBS) for establishing a Representative Office in Bahrain.

The CBB has also granted a licence, separately, to Coutts & Co, the private banking arm of The RBS Group, which posted a total Group income of US$48.6 billion in 2005, while assets amounted to US$1.6 trillion.

From Bahrain, RBS & Coutts & Co will focus on mainly two lines of business, wholesale banking and private banking. The Bahrain Office will also support RBS activities in the area of project finance and explore opportunities in Islamic banking.

This will be RBS's first on-ground representation in the Middle East and North Africa (MENA) region.

The two licences were approved earlier by HH Shaikh Khalifa bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain and Chairman of CBB's Board.

'The CBB is delighted to welcome the RBS Group to Bahrain's mature and well-diversified international financial centre,' said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.

'The countries of the Gulf Cooperation Council (GCC) are experiencing a renewed economic boom and a presence in this market will, without doubt, strengthen The RBS's business not only in this region but in the wider Middle East as well.'

The RBS, founded in Edinburgh in 1727, is largest bank in UK, the 2nd largest bank in Europe and 5th largest in the world in terms of market capitalization. The RBS Group comprises National Westminster Bank (NatWest), Child & Co, Citizens, Coutts & Co, Direct Line, Drummonds, Isle of Man Bank and Ulster Bank.

Coutts & Co, originally founded in 1692, provides wealth management services to over 90,000 private clients through 40 offices worldwide. From Bahrain, Coutts & Co will focus on private banking and institutional investors.


'As an institution with exceptional credentials in a broad range of banking and financial services, the RBS Group's presence in Bahrain will add considerable value to the country's expanding financial community,'



said Mr. Al Bassam.

On its part, the CBB is committed to providing a business-friendly environment, underpinned by a strong and internationally accepted regulatory framework, which will help further advance the country's financial service industry.

Recent initiatives include the enactment of a Trust Law, which governs trustees and trust administration services. The Trust Law broadens the range of specialized services that can be offered by financial institutions and will also enhance the development of investment products, both conventional and Islamic, that could be offered using the trust mechanism, such as real estate investment trusts and private pension schemes.

Bahrain enjoys a sovereign foreign currency debt rating of 'A' from leading international rating agency Standard & Poor's (S&P), he pointed out.

Bahrain's banking system is ranked on a par with developed countries by FitchRatings, in the Fitch Banking System Indicator (BSI). Bahrain has been ranked in Category B of the BSI, which is a measure of intrinsic banking system quality or strength.

Bahrain's financial sector is a key segment of the country's national economy. It represented 27.6% of Bahrain's gross domestic product (GDP) in 2005.

RBS is a well known and considered one of the most respected european banks.

i hope they will select BFH..

Hey guys we should look out for posting more news in this thread. Banking is one of the most important (if not the most important) industry in Bahrain.

Anyway here is some news about Bahraini banking sector.

(MENAFN - Bahrain Tribune) Bahrain's claim to the financial centre of the Middle East has received a boost from the latest analysis of the sector by investment firm Global Investment House

In its report into the Kingdom's banking sector it points out that business is booming for the financial industry.

The report states: "Most banks in Bahrain have reported healthy growth in assets at the end of 2006. The cumulative net profit of the listed banks reported a growth of 29.41 per cent to BD182.57 million in 2006 as compared with BD141.08 million in the previous year.

"Bahrain Islamic Bank surged by 76.6 per cent to reach BD13.05 million in 2006 as compared with BD7.39 million in the previous year, registering the highest growth among the listed banks. Ahli United Bank (AUB), the largest listed bank, reported net profit of BD97.20 million in 2006 as compared with BD71.55 million in the previous year, an increase of 35.86 per cent."

It continues: "Overall, the banks in Bahrain have prudently managed their interest rate spreads between assets and liabilities, thereby achieving higher net interest income during 2006. The listed banking segment in Bahrain continues to remain concentrated as the top two commercial banks - Ahli United Bank and Bank of Bahrain and Kuwait - control 80.55 per cent of total banking assets, 72.57 per cent of customer deposits, and 80.66 per cent of net loans at the end of 2006."

The strong growth of Islamic banking and its impact on financial markets has prompted a number of traditional local and international banks to seek stronger relationships and joint project financing arrangements with their Islamic counterparts, the report argues.

The total assets of Islamic banks operating in Bahrain stood at $11.21 billion at the end of 2006, which was an increase of 52.4 per cent over its 2005-year end level. The growth in assets was mainly fuelled by 55.5 per cent rise in foreign assets of the banks, which also contributes more than half of the total assets of Islamic banks. At the end of 2006, the net foreign assets of the banks jumped from $774.6 million in 2005 to $1.03 billion, an increase of 33.1 per cent.

The report concludes: "The growth in the Islamic banks during the last three years augurs well for Bahrain, as Bahrain wants to become the Islamic banking hub of the region."

CBB approval for Swiss private bank to upgrade Bahrain operation

The Central Bank of Bahrain (CBB) has granted approval for Dexia Private Bank (Switzerland) to expand its Bahrain operation.

The CBB approval allows Dexia Private Bank to upgrade its existing Representative Office in Bahrain to a full branch status, under the CBB licence category of 'Wholesale' bank.

Dexia Private Bank, which is a subsidiary of the Dexia Group, established a Representative Office in Bahrain in 2005, the Dexia Group's first presence in the GCC region. This was followed in 2006 by the establishment of a Bahrain office of Dexia Asset Management (Luxembourg), a provider of asset management solutions for institutional investors.

The Dexia Group is a major player in retail financial services, investment management services and treasury and financial markets in Europe. It is also among the top European banks for project finance. The Group posted a net income of US$3.7 billion in 2006, while total assets stood at US$766 billion.

Dexia Private Bank's Bahrain Representative Office offers a wide range of financial products, such as structured finance, investment funds, Shari'a-compliant investment products and alternative products, but also financial engineering and customized project financing. The Bank targets high net worth individuals as well as institutional investors in Bahrain and the region, as part of its plans to grow the bank's Middle East business from its hub in Bahrain.

The Bank is among more than 30 international institutions providing wealth management services from Bahrain.

'The CBB welcomes the expansion of Dexia Private Bank's Bahrain operation, which will now include the booking of assets in Bahrain,' said Mr. Ahmed Abdul Aziz Al Bassam, Director, Licensing & Policy, at the CBB.

The private banking opportunity in the GCC and wider Middle East & North Africa (MENA) is significant, he pointed out. With the wealth of the region's high net worth individuals estimated at US$1.3 trillion, and forecast to grow to US$1.8 trillion by 2010, the environment for wealth management professionals will remain lucrative for the coming years.

However, the region's investors have become increasingly sophisticated investors, challenging private banks and wealth managers to provide innovative investment solutions.

'As the single regulator for the financial services industry in Bahrain, the CBB has taken a number of initiatives in enhancing the regulatory environment, to enable Bahrain-based financial services providers to meet the growing needs of their customers,' Mr. Al Bassam said.

The enactment last year of a Trust Law in Bahrain has also broadened the scope for private banks to take a more holistic approach to wealth management by also offering non-financial services, such as trusts.

The CBB is also on schedule to issue soon an upgraded and more comprehensive regulatory framework for the fund industry. The new framework will include Bahrain's first-ever rules allowing collective investment undertakings (CIUs) targeting professional investors. It will also permit exempt schemes subject only to limited regulation (such as hedge funds), which may only be sold to a high net worth institutional and investor base.

'The CBB is cognizant of the ever-evolving needs of the financial services industry and we are committed to enabling the continued growth and advancement of financial institutions based in Bahrain,' said Mr. Al Bassam.

CBB licence for Allianz Group

The Central Bank of Bahrain (CBB) has granted a licence to Germany's Allianz Group, the world's second largest insurance firm, to establish an insurance operation.

Allianz Takaful (Bahrain), domiciled in Bahrain, will serve as the Allianz Group's global hub for Islamic insurance (takaful). It is being established as a wholly-owned subsidiary of Allianz Group.

Allianz Takaful (Bahrain) will undertake family takaful, with a focus on life insurance, investment-linked insurance as well as health and medical insurance.

The Munich-based Allianz Group, founded in 1890, is today the largest insurer in Europe and the second largest in the world, with premiums of nearly US$52 billion. Allianz is also one of the world's largest asset managers, with assets in excess of US$1 trillion under management.

The Group posted a net income of US$9.2 billion for 2006.

'The CBB is delighted to welcome the Allianz Group to Bahrain's well-diversified financial services community and to the growing insurance industry,' said Mr. Ahmed Al Bassam, Director, Licensing & Policy, at the CBB.

Robust economic growth, renewed Government investment in large infrastructure projects and strong private sector investment in real estate and other economic sectors are contributing to the expansion of the insurance sector. In addition, increasing public awareness and acceptance about the need for insurance is also contributing to the growing demand for insurance products, both conventional and Islamic.'

'Public perception on life insurance, in particular, has changed considerably with the introduction of takaful and now represents a huge, fairly untapped opportunity,' said Mr. Al Bassam.

'The entry of a global insurance player, such as Allianz, in the takaful arena also points to the tremendous potential of this line of business.'

On its part, the CBB is committed to advancing the promising insurance sector by ensuring that Bahrain continues to maintain its premier position as an excellent base for insurance and other financial services providers. The CBB Insurance Rulebook provides a clear and transparent regulatory framework for Bahrain's insurance industry.

The licence for Allianz is the third to be granted by the CBB in recent months to an international insurance giant to establish a takaful or retakaful operation in Bahrain.

A few months old but very significant:

Global Insurer AIG Launches New Takaful Venture, AIG Takaful

Recognising the diversity and growth of the Takaful insurance market, international insurance leader AIG launched AIG Takaful today, a regional company headquartered in Bahrain, providing Shariah compliant insurance solutions (Takaful). AIG Takaful will provide a range of Takaful products, including accident & health, motor, personal contents, property and casualty.

Charles Bouloux, Chairman AIG Takaful said at the launch today: “The phenomenal growth of the Takaful market is something that AIG, as a market leader, recognizes. We want to support this growth and offer socially responsible insurance solutions to consumers in this region.”

”AIG’s management has a philosophy of acting responsibly and providing quality service to corporations and consumers,” Charles Bouloux continued. “We have a recognized ability to introduce innovative and culturally sensitive products focused on local market conditions, and we believe that this will enhance the overall development of the Takaful industry in this region.”

AIG Takaful, was licensed by the Central Bank of Bahrain (CBB), formerly known as the Bahrain Monetary Agency, in July 2006.

AIG Takaful’s Shariah Supervisory Board is comprised of well-known Shariah scholars, Sheikh Nizam Yaquby, Dr Mohammed Elgari and Dr Imran Usmani.

The launch in Bahrain was attended by several top officials from the CBB, including Mr. Rasheed Mohammed Al Maraj, Governor; Mr. Abdul Rahman Al Baker, Executive Director, Financial Institutions Supervision and Mr. Ahmed Al Bassam Director, Licensing & Policy.

Commenting on the occasion, Mr. Al Maraj said: “We welcome the interest shown by a leading firm such as AIG in supporting the growth of takaful and in choosing Bahrain as the headquarters for its takaful subsidiary.

“CBB has worked hard to create a strong, market-friendly regulatory framework which, we believe, is essential for the sound growth of Bahrain’s insurance sector, including takaful, and a precondition for attracting reputable insurance companies to locate in Bahrain.”

AIG Takaful, a member company of AIG, also benefits from AIG’s disciplined global underwriting standards and 87 years of experience in delivering innovative insurance solutions to the international community through a network that currently spans more than 130 countries, reaching 65 million customers.

“AIG continues to build on its history as a pioneer in the region with the launch of AIG Takaful,” Charles Bouloux continued. “As a world insurance leader, we see AIG Takaful as an investment in the future of socially responsible insurance. Launching our flagship headquarters in Bahrain today is just the start.”

###

About AIG:
American International Group Inc. (AIG), world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance network of any insurance company. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world. AIG’s common stock is listed in the U.S. on the New York Stock Exchange as well as the stock exchange in London, Paris, Switzerland and Tokyo.

Also a few months old but again, quite significant:


CBB LICENCE FOR INTERNATIONAL INSURER, ACE GROUP

The Central Bank of Bahrain (CBB) has granted a license for the ACE Group of insurance and reinsurance companies to establish a Representative Office in Bahrain.

The ACE Group is one of the world’s largest global property and casualty insurance and reinsurance organizations. The Group addresses the insurance needs of commercial and individual customers in more than 140 countries and jurisdictions.

The CBB approval for a Representative Office in Bahrain is the second license to be granted to the ACE Group, which has operated an offshore unit from Bahrain since 1989.

The Bahrain Representative Office will serve as the ACE Group’s headquarters for the group’s existing subsidiaries and future operations in the Middle East and North Africa (MENA) region. In future, the ACE Group plans to offer insurance services in Bahrain and other countries in the region.

ACE Limited, the holding company of the ACE Group, is a component of the S&P 500 stock index. The Group wrote net premiums of US$11.8 billion in 2005, with total assets of over US$62 billion.

“The CBB welcomes the ACE Group’s intention to expand its operations in Bahrain,” said Mr. Ahmed Al Bassam, Director, Licensing & Policy, at the CBB.

“We are confident that the ACE Group will make a positive contribution to the growth and development of Bahrain’s financial sector, in general, and insurance industry, in particular.”

Bahrain has a well-diversified insurance industry and the Kingdom provides an excellent regional base from where the insurance industry can prosper and grow, he said.

“The region provides extremely promising prospects for providers of insurance services,” said Mr. Al Bassam.

“The Middle East region is one of the most under-insured regions in the world. However, structural reforms, notably in areas such as health and pensions, are now beginning to unlock the potential for insurance services that exist in this region.”

The rapid population growth in the MENA region will require substantial investment in infrastructure which will in turn lead to further increased demand for insurance and insurance related services.

“The CBB is committed to working with the industry in order to facilitate its full potential,” said Mr. Al Bassam. “A strong vibrant insurance sector is an essential component of financial stability and a country’s economic development.”

Mr. Andrew Kendrick, Chairman and CEO of ACE European Group, said: “ACE is very pleased to be able to establish a new regional office in Bahrain. This development reflects both the attractiveness of Bahrain as a location, and the belief that, with ACE's strong capabilities in a number of specialist areas such as energy, technical, financial and consumer accident and health business, the MENA region offers great opportunities for growth in the coming years.”

Pioneer Investments to open Bahrain office

MANAMA: The Central Bank of Bahrain (CBB) has granted a licence to Pioneer Global Investments Limited (Pioneer Investments), a global firm involved in investment business.

Pioneer Investments intends to establish a representative office in Bahrain, its first presence in the Middle East and North Africa (MENA) region, the CBB said in a statement.

The firm is wholly owned by Pioneer Global Asset Management SPA, the asset management arm of UniCredito Italiano Banking Group - the second largest bank in Italy and ranked 47 internationally.

UniCredito is rated AA by leading international rating agencies Standard and Poor's and Fitch.

Through Pioneer Investments, the Bahrain operation will be UniCredito's first venture in the region.

Pioneer Investments is a global investment management firm with over $278 billion in assets under management.

The group, with offices in 22 countries around the world, offers a range of investment solutions, including mutual funds, alternative investments, and structured products.

The Bahrain office of Pioneer Investments will explore business opportunities in the Middle East region.

It will also provide Pioneer Group clients and potential clients with the group's core investment services and products.

The firm will target institutional investors as well as high net worth individuals.

"The CBB is delighted to welcome Pioneer Investments to Bahrain," said CBB licensing and policy director Ahmed Abdul Aziz Al Bassam. "The environment for wealth management products is particularly positive, due to increased liquidity levels, as well as challenging due to the growing sophistication of high net worth individuals (HNWIs)."

According to industry reports, the Middle East was the fastest growing market in the world in 2005-2006, with the number of high net worth individuals (those with at least $1 million in net assets) rising to 300,000.

This number is forecast to grow to 500,000 by 2010.

Mr Al Bassam said that globally, more and more such individuals are reallocating funds to emerging markets and Arabs are no different.

With an estimated collective wealth of $1.3 trillion, forecast to grow to $1.8 trillion by 2010, the environment for wealth management professionals is expected to remain lucrative for the coming years.

"Bahrain serves as an excellent base for not only servicing the region's HNWIs (High Net Worth Individuals), but to explore and source investment opportunities in the broader MENA region as well," said Mr Al Bassam.

"We are confident that a well-reputed, global firm such as Pioneer will add value to growing community of professional asset managers in Bahrain."

This is a fantastic addition:


Reuters takes BFH office


Reuters will open an office at the $1.5bn Bahrain Financial Harbour, Gulf Daily News reported. The news agency has agreed to take space in the 53-storey Harbour Towers, due to open next Wednesday.

This is a fantastic addition:


Reuters takes BFH office


Reuters will open an office at the $1.5bn Bahrain Financial Harbour, Gulf Daily News reported. The news agency has agreed to take space in the 53-storey Harbour Towers, due to open next Wednesday.

Yeahhh ... MNC start see the prospect of Bahrain :banana: :banana: :banana:

Everything will be more expensive then :ohno: :ohno: :ohno:

just like in property market :bash:

^ Would would that make things more expensive??? I don't see the direct link.


Bahrain bank boom


Bahrain's banking business is booming, with local banks having increased their assets by $40bn to $187.4bn this year, according to central bank figures cited by Gulf Daily News. The statistics showed that 55 new financial institutions were granted licences over the past 12 months, including 11 banks and nine representative offices for foreign banks. Banks currently employ 10,000 Bahrain nationals, with 1,500 new jobs being created every year, according to the report.

In the last emposide of Inside the Middleast on CNN Hola Gorani traveled to Bahrain and there are 1000s of people in Bahrain who live in cramped and poor conditions who dont have access to clean drinking water like Africa, it was a shocking site!

The goverment dont allow them health care and they are not allowed to take goverment positions and arent allowed educations. This is shocking and a cover-up from Bahrain goverment who advertise themselves as a so called developed nation, whats point in investment when the people dont even have proper houses!

Cramped.. Poor living conditions... Yeah.. its a problem... But if there are any ppl wiith no access to clean drinking water... They'd only be a handful...

And Healthcare is free for all citizens... And heavily subsidized for all resident expats as far as i know... Education up to 12th grade is provided free at public schools.. Even expats can study at these public schools for free i think...

There is a bit of a cover up of the extent of poverty in Bahrain... But ur description of it sounds unbelievable... And doesn't make much sense either!

Yes thats what I said, thats what was on Inside Middleast not some random romour, cast system exists in Bahrain and thay why the wealth doesnt go down to the people who need.

Yes thats what I said, thats what was on Inside Middleast not some random romour, cast system exists in Bahrain and thay why the wealth doesnt go down to the people who need.

I know, thats why i'm surprised... But they either really exaggerated, or u misunderstood or something.. Wtf i mean.. What cast system... I just explained to you... People get free health-care.. Free education.. Unemployment benefits... Poor people get lots of different things subsidized...

It can still be unfair to some sometime... Not easy... But for a hardworking poor person... With Education being free, and the availability of many scholarships... Even to the public univeristy, which is Very cheap.. Anyone can better their living conditions...

Many people living in really bad conditions were given new houses by the King... To help their situation...

But with some of these people.. they're ppoor... and have babies like rabbits... Like seriously, by the dozens... 12... 13... Maybe even have multiple wives... When that's the case.. ofcourse their living conditions might be very poor...

Otherwise, what ur saying the show talked about doesn't make Sense..

In the last emposide of Inside the Middleast on CNN Hola Gorani traveled to Bahrain and there are 1000s of people in Bahrain who live in cramped and poor conditions who dont have access to clean drinking water like Africa, it was a shocking site!

The goverment dont allow them health care and they are not allowed to take goverment positions and arent allowed educations. This is shocking and a cover-up from Bahrain goverment who advertise themselves as a so called developed nation, whats point in investment when the people dont even have proper houses!


People don't have access to clean water!!! that is B.SH.
Education and Health are free in bahrain for everybody even the expats so how come those 1000s people are not allowed to get them?
I agree with B-Patriot it is really exaggerated, you never know whats the purpose behind that.

Yes thats what I said, thats what was on Inside Middleast not some random romour, cast system exists in Bahrain and thay why the wealth doesnt go down to the people who need.

My own family came from a very 'humble' background.. Meaning my dad's generation... like... 20 years ago.. Him n his brothers... They're all 100% self-made.. And now we're considered quite well-off...

I can think of many families like that... And many similar 'success' stories that are less dramatic, but more recent... Soo when was this cast system created?? 2007?

^^ I think asif iqbal believes in CNN more than you guys.

^^ I think asif iqbal believes in CNN more than you guys.

Yes I do because its on sky and sky digital can never ever be wrong. They even said that a women cannot vote but a horse can!

People don't have access to clean water!!! that is B.SH.
Education and Health are free in bahrain for everybody even the expats so how come those 1000s people are not allowed to get them?
I agree with B-Patriot it is really exaggerated, you never know whats the purpose behind that.

Even i saw that show. They have blown things out of proportion, It seems they were not interested in discussing the good things in Bahrain. Its all a propoganda by these western channels who want to keep the people in the middle-east figthing amongst themselves. As if America is free of all such issues. There is more racism in America and UK then anywhere in the world.

MTC will relocate their headquarters from Kuwait to Bahrain. Their second option was Dubai.

Even i saw that show. They have blown things out of proportion, It seems they were not interested in discussing the good things in Bahrain. Its all a propoganda by these western channels who want to keep the people in the middle-east figthing amongst themselves. As if America is free of all such issues. There is more racism in America and UK then anywhere in the world.

US maybe but not UK. UK is much more civilised.

MTC will relocate their headquarters from Kuwait to Bahrain. Their second option was Dubai.

Really!? That's ggreat... I haven't read or heard about that...!

Isn't it a Kuwaiti company, the MTC thing..?

Yes I do because its on sky and sky digital can never ever be wrong. They even said that a women cannot vote but a horse can!
I can't tell what that is.. Some sort of sarcasm... What's that..

US maybe but not UK. UK is much more civilised.
Dude, from where did you get that info?

Dude, from where did you get that info?

Why does everything have to be from a source? Are you that insecure otherwise you wouldnt ask.


I can't tell what that is.. Some sort of sarcasm... What's that..

No its true, in Bahrain a women cannot vote but a horse can!

LoL... I don't get if that's supposed to be funny, true.. or Both...

Either way, its very wrong... Women vote, run as Candidates for parliamentary elections... And horses most definately cannot vote :)

Why does everything have to be from a source? Are you that insecure otherwise you wouldnt ask.



:) what has the question got to do with insecurity? the reason i asked is because your post was a but ironical. Just because you stay in UK or have been there doesn't mean you have to get so emotional about it. Whether you agree or not, there is racism in UK ( by the way don't forget big boss ).

I think we had lot of crap about this CNN show. it is just their opinion and they want to push their opinion on us too. Lets just keep this thread clean as it is supposed to discuss about the financial sector in Bahrain.

Either way, its very wrong... Women vote, run as Candidates for parliamentary elections... And horses most definately cannot vote :)

B-Patriot please stop horsing around :)

Either way doesnt matter who votes everyone in politics is a horses ass!:lol:

:) what has the question got to do with insecurity? the reason i asked is because your post was a but ironical. Just because you stay in UK or have been there doesn't mean you have to get so emotional about it. Whether you agree or not, there is racism in UK ( by the way don't forget big boss ).


I think you meant Big brother, and yes I hate that programme it sucks. !

Bahrain-based KFI bank plans billion dollar investments

Manama, Bahrain - The Bahrain-based Khaleej Finance and Investment (KFI) bank is considering more than a billion dollars worth of investments, the investment bank said Wednesday as it unveiled its new corporate identity, Capivest.

The bank's chief executive officer, Nabil Hadi, said during a press conference in Manama that over the next three years the bank is looking to invest 1.25 billion US dollars (930 million euros) in industrial projects in more than one region.

'We also plan to invest 400 to 500 million US dollars in the health care sector, and another 300 million US dollars in the financial industry,' he said.

Capivest will specialize in Islamic compliant investment activities. The bank adopted the new corporate identity as part of its strategy to go beyond local and regional boundaries and to establish partnerships and alliances on international levels.

Hadi said the bank plans to continue to take advantage of the unprecedented boom in the activities and projects of Islamic banks and financial institutions in Bahrain and the Gulf.

On Sunday KFI announced a partnership with Kuwait Investment Company (KIC) and Kuwait Finance House (KFH), also known as Baytak, to manage a 200 million US dollars Indian Private Equity Fund.

MTC will relocate their headquarters from Kuwait to Bahrain. Their second option was Dubai.

Told you so in June 7th 2007


WE CHOOSE BAHRAIN!

By MANDEEP SINGH


MANAMA: Telecoms giant Zain will move its international headquarters to Bahrain, it was confirmed yesterday.

It selected Bahrain ahead of Dubai after already ruling out a move to the Dutch capital Amsterdam.

"I can confirm that the board has decided in favour of Bahrain," a senior Zain Bahrain official told the GDN.

"The exact details will be known in a few days and we hope to make a formal announcement soon.

"I have been in touch with our offices in Kuwait and can say there is tremendous excitement on the decision."

He said Zain International would move from Kuwait to Bahrain in January next year.

Chief executive Dr Saad Al Barrak had announced the move during a ceremony on September 8 to rebrand the MTC group to Zain.

Dr Al Barrak had said that the company's success in Bahrain was the prime motivator in giving the company the confidence to rebrand itself.

Sources said that Bahrain's liberalised telecoms sector swung the decision in its favour.

"For a company like Zain, now looking to become one of the leading players in the world, the move to Bahrain makes the most business sense," they said.

They added the decision had been communicated to the Bahrain government earlier this month, pending a formal announcement.

asif iqbal is a pakistani troll sitting in scotland, he also likes to troll in other less "civilized" forums that i wont mention.
he believes in cnn more than anything else and supports uk over bahrain and other arab/muslim countries. quite insecure himself?
of course that's why he has had to leave pakistan and move to scotland not even england.

asif iqbal is a pakistani troll sitting in scotland, he also likes to troll in other less "civilized" forums that i wont mention.
he believes in cnn more than anything else and supports uk over bahrain and other arab/muslim countries. quite insecure himself?
of course that's why he has had to leave pakistan and move to scotland not even england.

If you havnt got anything constructive to say why expose your nonsense lies

I said something if you dont like it or its not true then provide me with evidence such behavouir will makes me suspicous and reinforces my original point, clearly you have something to hide thats why u always go on a rant!

UK had something called a colonial past (if you ever heard of this term) thats we have a mutli-cultured system here something which clearly Bahrain doesnt have and you have no knowledge of, your comment was retarded even by your standrads

If you havnt got anything constructive to say why expose your nonsense lies

I said something if you dont like it or its not true then provide me with evidence such behavouir will makes me suspicous and reinforces my original point, clearly you have something to hide thats why u always go on a rant!

UK had something called a colonial past (if you ever heard of this term) thats we have a mutli-cultured system here something which clearly Bahrain doesnt have and you have no knowledge of, your comment was retarded even by your standrads


Bahrain is a multi-cultured society

^^ in what sense?

In a relative sense i would say at the very least.... Aside from Dubai, what country in the immediate region affords expats the same freedoms we do... Its multi-cultured be virtue of being tolerant, and hence liberal... Allowing for some sub-cultures to exist that might not go hand in hand with the typical arab or gulf culture...

It is a multi-cultural society by virtue of its own diversity....

"A Financial Times published on 31 May 1983 found that "Bahrain is a polyglot state, both religiously and racially. Leaving aside the temporary immigrants of the past ten years, there are at least eight or nine communities on the island."

The present communities may be classified as: tribals, Arab tribes allied to Al-Khalifa including the Utoob tribes, Dawasir, etc; Bahranis, indigenous Shia Arabs; the Howala, Sunni Persians that migrated from the eastern shores of the gulf (in modern day Iran); Ajam ethnic Persian Shia; Najdis, non-tribal urban Sunni Arabs from Najd in central Arabia; Indians who traded with Bahrain and settled before the age of oil (formerly known as the Hunood or Banyan, Arabic: البونيان); a tiny Jewish community; and a miscellaneous grouping.''

^^ That was said about Bahrain 25 years ago... It has tremendously grown since, no doubt... And the diversity spoken about has not diminished in any sense, if anything, only increased..

I hope you're satisfied with the answer, loll...

B-Patirot why dont you speak facts rather than fiction. What you think when making such posts how daft do you think people are!

My original statment was made regarding the poor people in Bahrain who are Bahrain citizens have lived there for years. No one can seem to answer my orginal question yet feel the need to backpeddal and come up with some ridiculous posts which has nothing to do with the issue at hand.

Bahrain is a multi-cultural society?? Do you know what multi-cultural means!

Bahrain goverment marginalise Shia comminites, they dont have running water and they are in worse conidtions than even poor countrys than Africa. Why Minister of Cabinet Affairs Shaikh Ahmed financed Bandargate scandal? Sunni goverment in Bahrain dont allow Shia in jobs and education why? you are scared of Shia becoming strong party in Bahrain and ask for thier peoples right? This is what is said I am not Shia nor do a support Shia but fact is fact and you need to face reality and answer the question rather than jumping up and down as if nothing is wrong-but for some reason I am not suprised.

Bahrain is a multi-cultured society

multicultural-1)-'multi-' is a combining form meaning more than one or two, 2)-'cultural' is the adjective of 'culture' - synonym: 'civilization

'multicultural' stands for many different 'civilizations' ~ 'nations'

for example "It was rather a multicultural society we grew up in." everyone see equal no one is better than the other

multiculturalism- "person characterized by accepting certain aspects of other cultures in accordance to their personality "

Multiculturalism is an ideology advocating that society should consist of, or at least allow and include, distinct cultural and religious groups, with equal status.

and asif continues talking bs

^^ ^^ Thankyou very much for your insight into this matter.

b-patriot, I have to agree that calling bahrain a multicultucral country would be far-fetched by any strech of the imagination. as for asif-iqbal, I'm sick and tired of hearing people bring up the suni are hogging everything the shia has a right to as much. let me tell you this, everyones ass is getting screwed there equally. and I need not metion that some are getting prizes by the UN for it! it's like what one friend said so vulgarly ,translate this to slang bahraini,"its like they're telling the people, (take that, without spit too!)"

B-Patirot why dont you speak facts rather than fiction. What you think when making such posts how daft do you think people are!

My original statment was made regarding the poor people in Bahrain who are Bahrain citizens have lived there for years. No one can seem to answer my orginal question yet feel the need to backpeddal and come up with some ridiculous posts which has nothing to do with the issue at hand.

Bahrain is a multi-cultural society?? Do you know what multi-cultural means!

Bahrain goverment marginalise Shia comminites, they dont have running water and they are in worse conidtions than even poor countrys than Africa. Why Minister of Cabinet Affairs Shaikh Ahmed financed Bandargate scandal? Sunni goverment in Bahrain dont allow Shia in jobs and education why? you are scared of Shia becoming strong party in Bahrain and ask for thier peoples right? This is what is said I am not Shia nor do a support Shia but fact is fact and you need to face reality and answer the question rather than jumping up and down as if nothing is wrong-but for some reason I am not suprised.


All what you say is a big lie.. come to bahrain and see the truth.
there is no fucking way that a bahraini house has no water.
Bahrain offers study for free you fucking idiot how come Shia are not allowed to study? What you are saying is just B.S.
I work in one of the biggest companies in Bahrain "Batelco" and i can tell you that 70% of the employees are shia, same thing with Alba, Bapco, GPIC, and the other big companies in the country.. if you wanna talk, talk about facts. what said in the CNN report was over. yes there are some poor people in bahrain but not the way they showed it in the report. and water, electricity, free hospitals, free schools are there for everybody and i dare you some one can deny this. which by the way i don't think you can get in your orignal country. and by the way telling people lies about how the bahraini government are scared of the shia being reach is ridiculous. For your information Al Aali who's the richest Family in Bahrain are shia, same thing with Jawad, Haji Hasan, Habeeb, Al Eraydh, Al Mosawi, Rajab Family, Al Khoor, and more and more of the billionaires of the Bahraini Shia.. This is the fact.
Why don’t you go to the Salamania Hospital or any other health center and see the number of the shia Doctors in there?

All what you say is a big lie.. come to bahrain and see the truth.
there is no fucking way that a bahraini house has no water.
Bahrain offers study for free you fucking idiot how come Shia are not allowed to study? What you are saying is just B.S.
I work in one of the biggest companies in Bahrain "Batelco" and i can tell you that 70% of the employees are shia, same thing with Alba, Bapco, GPIC, and the other big companies in the country.. if you wanna talk, talk about facts. what said in the CNN report was over. yes there are some poor people in bahrain but not the way they showed it in the report. and water, electricity, free hospitals, free schools are there for everybody and i dare you some one can deny this. which by the way i don't think you can get in your orignal country. and by the way telling people lies about how the bahraini government are scared of the shia being reach is ridiculous. For your information Al Aali who's the richest Family in Bahrain are shia, same thing with Jawad, Haji Hasan, Habeeb, Al Eraydh, Al Mosawi, Rajab Family, Al Khoor, and more and more of the billionaires of the Bahraini Shia.. This is the fact.
Why don’t you go to the Salamania Hospital or any other health center and see the number of the shia Doctors in there?

There are only five or six Shia families that can come close to be called billionaires, but I can give you 5 Sunni famillies that can put them all in their pocket as we say, Kanoo,Gossaibi, Al Moaied , Fakhroo, and Zayyani.

There are only five or six Shia families that can come close to be called billionaires, but I can give you 5 Sunni famillies that can put then in their pocket as we say, Kanoo,Qussaibi, Al Moaied , Fakhroo, and Zayyani.

yes Adel, you're right in that.. but this is not the point.
The point is the chances are equal for any bahraini to become rich or poor and it has nothing to do with the government to keep shia away from bieng rich or having power.
I really hate talking about Shia and Sunni as we are all bahraini and that what it matters, however i just brought this issue as a reply on Asif's accusations.
I dont know why he insist on to bring this issue but i'm sure that there is something behind it.

All what you say is a big lie.. come to bahrain and see the truth.
there is no fucking way that a bahraini house has no water.
Bahrain offers study for free you fucking idiot how come Shia are not allowed to study? What you are saying is just B.S.
I work in one of the biggest companies in Bahrain "Batelco" and i can tell you that 70% of the employees are shia, same thing with Alba, Bapco, GPIC, and the other big companies in the country.. if you wanna talk, talk about facts. what said in the CNN report was over. yes there are some poor people in bahrain but not the way they showed it in the report. and water, electricity, free hospitals, free schools are there for everybody and i dare you some one can deny this. which by the way i don't think you can get in your orignal country. and by the way telling people lies about how the bahraini government are scared of the shia being reach is ridiculous. For your information Al Aali who's the richest Family in Bahrain are shia, same thing with Jawad, Haji Hasan, Habeeb, Al Eraydh, Al Mosawi, Rajab Family, Al Khoor, and more and more of the billionaires of the Bahraini Shia.. This is the fact.
Why don’t you go to the Salamania Hospital or any other health center and see the number of the shia Doctors in there?

why dont you watch your fu$king mouth before barking like a wild dog, u are the ones who need to wiped off the planet because its ur type that i am talking about, next time before opening ur flithy sewer think!

Bahrain is not a multi-cultural society, its got poor people, houses dont have water or gas or even electricty and and who shall i belive a lyling retard like you or a fact based CNN video documentry I know which one most people would belive and i know u do too

fact is Bahrain is a 3rd world country with 3rd world laws, why dont u watch the Hola Gorani doc on CNN then come to defend ur so called multi-cultural society, as far as me coming to bahrain to see the "truth" i wouldnt even come if i needed a pi$$

yes Adel, you're right in that.. but this is not the point.
The point is the chances are equal for any bahraini to become rich or poor and it has nothing to do with the government to keep shia away from bieng rich or having power.
I really hate talking about Shia and Sunni as we are all bahraini and that what it matters, however i just brought this issue as a reply on Asif's accusations.
I dont know why he insist on to bring this issue but i'm sure that there is something behind it.

something behind it? I dont know bahrainis, i havnt been there and ive got nothing to do with bahrain but that doesnt mean i dont know the truth

I stated a fact, no one has a answer, that makes me suspicous and then my suspictions come true when i see people like you faking a argument and pretending to to bahrani and trying to show a different side to it and denying the facts


Bahrain Human rights report--Bahrain: 19 September 2007

"The Bahrain center for Human Rights (BCHR) is highly concerned regarding the objectives and negative effects of the campaign run by the Bahraini Authorities to discredit the BCHR as well as other known activists. The information distributed includes fabricated accusations of relations to acts of violence which occurred in Bahrain during the eighties and nineties, sympathizing with Iran and coordinating with neo-conservatives in the United States!! Abdulhadi Alkhawaja, president of the BCHR has been a main target of the Authorities' defaming campaign"

http://www.bahrainrights.org/bandargate

So whats this u going to say this is all lies and propoganda and many other like it, for some reason though I think u will but what could i expect from a person with a IQ of 0.


Amnesty international

http://web.amnesty.org/report2005/bhr-summary-eng

^^ Since u admit that u dont know anything about Bahrain u should listen when Bahrainis say that most of what was broadcasted in CNN was bullshit. I agree with zelterheist, there is no point in arguing with u if u believe in CNN more than anything else.

[QUOTE=asif iqbal;15512240]something behind it? I dont know bahrainis, i havnt been there and ive got nothing to do with bahrain but that doesnt mean i dont know the truth

I stated a fact, no one has a answer, that makes me suspicous and then my suspictions come true when i see people like you faking a argument and pretending to to bahrani and trying to show a different side to it and denying the facts

QUOTE]

I gave you names and facts.. and its up to you beleive it or not.
well, CNN presented many reports against muslims and islam in many countries, why would i beleive what they're saying in everything?

any way, you know what.. your openion doesn't matter as i beleive what zelterheist said about you is true..

yup that is the reply i predicated :)

B-Patirot why dont you speak facts rather than fiction. What you think when making such posts how daft do you think people are!

My original statment was made regarding the poor people in Bahrain who are Bahrain citizens have lived there for years. No one can seem to answer my orginal question yet feel the need to backpeddal and come up with some ridiculous posts which has nothing to do with the issue at hand.

Bahrain is a multi-cultural society?? Do you know what multi-cultural means!

Bahrain goverment marginalise Shia comminites, they dont have running water and they are in worse conidtions than even poor countrys than Africa. Why Minister of Cabinet Affairs Shaikh Ahmed financed Bandargate scandal? Sunni goverment in Bahrain dont allow Shia in jobs and education why? you are scared of Shia becoming strong party in Bahrain and ask for thier peoples right? This is what is said I am not Shia nor do a support Shia but fact is fact and you need to face reality and answer the question rather than jumping up and down as if nothing is wrong-but for some reason I am not suprised.


Oh Just shut the fuck up Asif.... You want to listen to CNN over what Bahrainis tell u go ahead...

We didn't say what they said is wrong.. But they give a slightly distorted picture.. Not the full story...

No one ever denied there is some poverty in Bahrain....

When i talked about multi-culturalism in Bahrain, it was nothing to do with the Hala Gorani report.... and i said in a RELATIVE SENSE !!

So open ur eyes.. Pay attention.... YOu mentioned in ur definitions accepting aspects of different Cultures... Did u read my post??

I said part of our RELATIVE multiculturalism is that Bahraini ppl and the law is tolerant...!! Makes life easy for expats, or ppl with different backgrounds and cultures!!

The thing about no water was not mentioned in the CNN report that i saw... Its greatly exaggerated.... I'm fuckin' shiite and Bahraini.... And like my fellow bahraini forumers said, Education is subsidized for both shiites and sunnis.... Its normal for their to be some 'wasta' in the gulf, but in general, there is no descrimination when it comes to scholarships or subsidized education at the higher level....

Up to 12th grade its entirely free... Healthcare is free... A lot of work is being done in the past couple of yrs to cater for ppl living in sub-standard conditions....

Yes we have poverty, but we are in no way comparable to some of the african countries u mentioned....

So don't judge unless u come here and see for urself.. I mean the audacity of you... So sure of urself..!

Yes there are some scandals... Some 'cells' reported working in racist counter-productive way... Against our national interest... But its not Everything.. Its not the whole fucking story!

I'm a shiite... I got a scholarship from the Ministry of Education, as MANY of my SHIITE frends did... I go when sick to get my FREE HEALTHCARE from clinics or the public hospital... No one said Bahrain is perfect or without any sort of descrimination... But many of those stories are of the past.... So you go research ur 'facts' before talking to us in such a presumptuous manner and have some respect when you talk!

DOn't allow shias in Education, what does that even mean.. I beg you to please elaborate.. Please explain!

Ministry push for Homes Project
By MARK SUMMERS

MANAMA

A FINAL push to complete the construction of 1,000 homes for needy Bahrainis before the end of the year has been launched by the Works and Housing Ministry, it announced yesterday. Control of the His Majesty King Hamad Housing Rehabilitation Programme will pass to the Municipalities and Agriculture Ministry next year.

This will leave the Works and Housing Ministry in charge only of those cases accepted into the programme up to this year, said Assistant Under-Secretary for Housing Nabil Abul Fateh.

The project to repair or rebuild needy families' dilapidated homes was launched in 2004.

A total of 1,149 cases had been accepted into the nationwide programme by September this year.

Dr Abulfateh said 1,041 homes had been evacuated and 886 demolished, with a total of 815 houses completed or under construction.

He emphasised that the programme was not only providing new and secure houses for families, but also making sure that old and needy areas are renovated and low-income citizens get to live in decent houses.

On an international level, he said the United Nations Human Settlements Programme praised the quality and efficiency of the houses built under the initiative, enacted at the behest of the King.

Strong efforts are being made to finish outstanding homes by the end of the year, said an engineer on the project, who asked not to be named.

"We are pushing ourselves hard to meet this commitment to hand over 1,000 units," he said.

"The Works and Housing Ministry has done an important job because it has established a system.

"We passed through the kick-start programme and we managed the relationship between councillors and the people and the engineers. All the stages of the production of the houses have been dealt with and things are up and moving.

"We are devoting ourselves to poor people, to those who need help from the government.

"Many people's incomes are only sufficient to feed themselves - they cannot build houses. Now it is built free."

asif can you shut the fuc# up and go away , you dont know your face from your ass .. your starting to get boring.. this is a financial thread ,, not a bullshit thread,,, NOW get the hell out of here and bother someone else

stupid loser


:poke:

$3bn FDI bonanza
By ARTHUR MACDONALD


MANAMA: The tangible results of Bahrain's recent initiatives aimed at enhancing the economy are illustrated in the almost tripling of Foreign Direct Investment (FDI) to the kingdom last year.

This was revealed yesterday by Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa, following the publication of an international report by the United Nations Conference on Trade and Development (UNCTAD).

Bahrain's FDI inflow increased substantially last year to reach $2.915 billion, almost triple its 2005 size of $1.049bn, according to the report.

World Investment Report 2007 - Transnational Corporations, Extractive Industries and Development, was released by the Economic Development Board (EDB) on behalf of UNCTAD.

The report notes that the increased inflows to the kingdom last year were driven by substantial international investment in the real estate and the financial sectors.

The increased inflows led to Bahrain's economy being ranked 11th in the performance category globally, up from 23rd in 2005 report.

Bahrain was placed at 32nd in the 'potential' category, unchanged from 2005.

Shaikh Mohammed said this investment inflow is an evidence of the healthy economy of Bahrain and highlights the confidence of international investors in the kingdom's strong and developed infrastructure.

"We are pleased to see the tangible results of Bahrain's recent initiatives aimed at enhancing our economy and making us a preferred destination for international investors," he said.

"While FDI inflows to some countries in the region have been dropping, we see a huge leap for foreign investments to Bahrain. This is a clear vote of investor confidence in our economy."

The report ranks 141 countries across the world and provides transnational corporations and their subsidiaries with potential and performance rankings of economies.

It also provides international governments with clear forecasts of emerging sectors and global trends over the short term.

Figures from the report revealed that last year, world foreign direct investment reached $1.306 trillion, an increase of 38pc over 2005 figures.

FDI growth occurred in all three groups of global economies: developed, developing and transitional economies (southeast Europe and Commonwealth).

The 2006 report noted a new trend emerging in the geographic patterns of greater south-south FDI inflows between economies below the equator.

FDI inflows into West Asia - which includes Bahrain and the Middle East - reached $60bn last year, a surge of almost 44pc.

Outflows from the region totaled $14bn, and were targeted at mainly developed countries, specifically the UK, Canada, and the US, as well as Pakistan. Outflows from the region largely went into oil, gas and related industries and the telecommunication sector. business@gdn.com.bh

P4160142

By GEOFFREY BEW


MANAMA: Bahrain has been named as the most sophisticated financial market in the GCC, in a global report.

Its economic competitiveness has also improved sharply in the last year, despite global turmoil, according to the World Economic Forum (WEF).

Bahrain ranks 14th out of 134 countries in terms of financial market sophistication, ahead of Qatar (22nd), UAE (41st), Oman (50th), Kuwait (51st) and Saudi Arabia (73rd) in the WEF's newly-released Global Competitiveness Report 2008-2009.

The country ranks 37th in terms of overall economic competitiveness, an improvement of six places from 2006-2007.

Bahrain Economic Development Board chief executive Shaikh Mohammed bin Essa Al Khalifa said the ranking was a global vote of confidence.

"This widely respected and long standing WEF report reinforces Bahrain's position not only as the leading financial market in the Gulf, but also as a world leading international finance centre," he said.

"The kingdom offers a full range of financial services, with particular strength in banking and asset management and is home to the most advanced, transparent and respected regulatory regime in the region".

"Bahrain offers the most business friendly and cost competitive location for financial services in the region and continues to attract a high level of inward investment as a result."

This is why Bahrain is the financial centre of the Middle East.

When all the so called new financial centers in the gulf needed help and cash injections from their governments during the global financial crisis, it's business as usual in Bahrain.

SAVINGS SAFE

MANAMA

MANAMA: It is business as usual for Bahrain's financial sector despite the snowballing global meltdown.

"All retail commercial banks and wholesale investment and offshore financial units enjoy strong solvency despite the crisis," Central Bank of Bahrain Governor Rasheed Al Maraj said yesterday.

He was speaking to editors-in-chief of local newspapers at a Press conference initiated by Information Minister Jihad Bukamal.

Banks have reported a substantial surplus in liquidity surpassing their real needs, Mr Al Maraj said.

"No abnormal withdrawals of deposits have been reported in any retail or wholesale banks operating in Bahrain," he said.

Bahrain's laws, which provide full warranty for deposits, have ensured customers' unflinching trust in the ability of the banking sector to withstand potential crisis, he said.

According to recent economic indicators, the rate of inflation has remained under control in Bahrain, at 3.4 per cent. By comparison, it soared three to four times higher in other GCC countries, topping 12pc.

"The big slump in oil prices in the world markets will bring down the rate of inflation further and the prices of basic goods," he said.

The outlook has also remained reassuring despite a slight drop in the rate of growth in traded cash last July. According to central bank statistics, the volume of traded cash fell by 6pc to BD340 million, down from BD370m.

"That regression is natural and can't be blamed on the global financial crisis."

He credited Bahrain's efficient regulatory policies for insulating the banking sector and invigorating its stamina to withstand the global crisis.

^^Good to hear but this report ignores that there were several banks affected big time by the crisis...

For the record i dont think they should be bailed out by the govt. or the shareholders.

Bahrain Financial Exchange on way
By ARTHUR MACDONALD

MANAMA: Financial Technologies (India) plans to open a Bahrain Financial Exchange (BFX) early next year.

The BFX, regulated by the Central Bank of Bahrain (CBB), has been given approval to list cash and derivatives instruments on multiple asset classes such as currencies, commodities, equity and debt related products for trading and clearing by its brokers.

The BFX will also list and trade Islamic finance instruments.

It will be an international financial exchange providing the widest possible access to its brokers from any part of the world to trade in multi asset products through a single venue.

It also aims to be a leading market place for regional and international businesses to raise capital by issuing and listing various types of financial instruments on its markets.

The exchange will offer full end-to-end automated trading, with clearing and depository settlement services, providing low latency and low transaction costs.

"Bahrain is widely regarded as the best-regulated financial centre in the Middle East. Important developments are taking place in the country to widen the scope of the financial services," said Financial Technologies chief executive officer Jignesh Shah.

"Through the BFX, Financial Technologies will endeavour to participate in these developments and significantly contribute to the emerging globalised economy of Bahrain. The multi asset profile of BFX will give it a unique standing to become a leading market place in the region."

"The Economic Development Board (EDB) is delighted to welcome Financial Technologies which has great experience in setting up financial exchanges in various other countries," said EDB chief executive officer Shaikh Mohammed bin Essa Al Khalifa.

"Bahrain offers international companies a location which combines the lowest cost of doing business in the Middle East with strong and highly regarded regulation and excellent access to other gulf markets.

"We are very pleased that Financial Technologies has chosen Bahrain as a base and look forward to a successful relationship with the company as it develops BFX into a world class exchange.

"BFX is part of the broadening of the capital market services within the economy of Bahrain. BFX will in addition to the current services offered by the Bahrain Stock Exchange as the market for the listing of equity and debt securities, provide additional investment opportunities to global, regional and local investors," added Central Bank of Bahrain executive director A Rahman Al Baker.

"Bahrain is home to over 400 financial institutions and the establishment of BFX, an international multi-asset financial exchange, will strengthen its position as the leading financial hub of the region."

BIGGEST ISLAMIC BANK
MANAMA

KUALA LUMPUR: The world's largest Islamic bank will be launched by June, an industry body said yesterday, as the sector tries to address a shortage of large lenders it needs to become a global alternative to conventional banking. The Bahrain-based sharia bank would have a paid-up capital of $11 billion (BD4bn), with the Islamic Development Bank (IDB) as its largest shareholder, said Shaikh Saleh Abdulla Kamel, chairman of the General Council of Islamic Banks and Financial Institutions.

Shaikh Saleh said the Organisation of Islamic Conference (OIC) countries would also invest in the bank, adding that it was the right time to set up the bank despite tough financial market conditions worldwide.

"I think it is the best time to push and to encourage people to invest in the real economy ... industry, agriculture, but not to invest in markets and derivatives and these blow-up things," Shaikh Saleh said in the Malaysian capital.

Islamic finance is based on the sharia and avoids the interest-based formula of conventional banking and argues that gains must be derived from ethical investing and profits and losses be shared between venture partners.

The bank, which has yet to be formally named, has been in the pipeline for several years and is currently undergoing final review by IDB on its capital input.

While a total of $1bn will be raised by private investors, including IDB, the other $10bn is expected to come from an IPO on the Bahrain Stock Exchange, he said.

10 Billion dollars.. WOw.. thats huge!

That should be one of the biggest IPO's in the gulf.. And it'll add like 35% to the total market capitalization of our stock exchange, LoL..

Have u guys heard of a possible Shamil Bank/BBK Merger..!? :)

More reasons why Bahrain is the financial center of the Middle East

CBB got it right on financial crisis.

MANAMA: Al Salam Bank, one of the few regional banks to post an increase in profit last year, remains positive about the Bahrain real estate market.

Given the huge shortage of dwelling units in the kingdom for the middle class, the bank is committed to funding affordable housing in the coming years, bank chairman Mohammed Ali Alabbar said yesterday at the Bahrain-based bank's annual meeting at the Gulf Hotel.

Mr Alabbar, who is also chairman of Emaar, the Dubai real estate giant, said that the bank is tightening its investments and financing to the real estate sector and has limited its exposure to 30 per cent of its total assets but still sees opportunities in the local market.

He said that in anticipating strict regulations from the Central Bank of Bahrain (CBB), Al Salam had tightened its investment and financing in this sector and new business was being undertaken on a selective basis to take advantage of market opportunities.

He praised the CBB for its actions in the face of the global financial downturn.

"I deal with the CBB on a regular basis," he said.

"They issued a white paper way ahead of the global financial crisis on investment and infrastructure. They got it right and a lot of bankers got it wrong. In the present financial situation banks have got to be cautious," he said.

"The world is not what is used to be and it is going through change and I believe in structured change.

"In these circumstances there is a lot we can learn from the West and there is a lot they can learn from us."

He said the bank has been extremely successful in growing its relationship network last year and managed to draw more than BD225 million in interbank lines in the first half of the year.

"At this date the bank is a net lender to the banking system to the tune of BD165m due to sustained growth in customer deposits," he said.

"When the symptoms of financial meltdown were evident the bank proactively managed to curtail interbank activity and build healthy liquidity reserves with the CBB.

"This is demonstrated by huge liquid funds and investments in CBB sukuk to the tune of BD111m, or 20 per cent of total assets."

"We are proud that to date your bank continues to be a net lender to the banking system," he told shareholders.

The bank saw its total assets rise to BD554m last year and it posted a record profit of BD25.5m.

ITHMAAR GO-AHEAD

http://www.gulf-daily-news.com/source/xxxiii/009/images/Bpic1.jpg

MANAMA: Ithmaar Bank has received the initial go-ahead for its reorganisation into a retail and commercial bank, it was announced yesterday.

Shareholders at the annual meeting of the bank at the Diplomat Raddison Blu Hotel, Residence and Spa were told by chairman Prince Amr Mohammed Al Faisal that formal written approval will follow shortly.

"The bank will immediately implement plans for a comprehensive reorganisation with its wholly-owned subsidiary Shamil Bank," he said.

The reorganisation, which will turn Ithmaar Bank into a premier Islamic retail bank, involves both banks pooling their resources to create a single, more efficient and significantly stronger retail-focused bank with an Islamic licence, under the Ithmaar brand."

Plans for the reorganisation were approved by Ithmaar shareholders last year.

"The Ithmaar board of directors received assurances yesterday from the Central Bank of Bahrain (CBB) that the reorganisation plans had been approved and that formal written approval is now being issued," he said.

"This allows us to start our transformation from a conventional investment bank into an Islamic retail-focused bank, and to focus on realising our new strategic objectives."

Following the reorganisation, and as part of its new board-approved three-year strategic plan, Ithmaar will focus on developing its retail operations, by expanding its products and services as well as its delivery channels, and on expanding its geographical reach across the GCC by offering a wide range of corporate banking services.

To fund this planned expansion, Ithmaar had announced capital raising initiatives designed to raise up to $400 million.

These initiatives, which include the launch of a mandatory convertible sukuk, kicked off on a high note earlier this month with the successful launch of a rights issue.

"The subscription period ended on Thursday and we are pleased to report that the rights issue has raised $103m," said Ithmaar Bank chief executive officer Mohamed Hussain.

"The offering was an opportunity for current shareholders to further consolidate their stake in Ithmaar Bank - and the fact that it proved so successful is testimony to our shareholders' unwavering faith in the bank's potential," he said.

"The increased capital, which comes immediately ahead of the CBB's formal, written approval of our plans, will help support the Bank's retail, corporate and financial institutions activities, and enhance shareholder value by amplifying existing synergies. "This perfectly positions Ithmaar for its planned growth, and we are grateful to the CBB for their continued support and guidance," he said.

I like this.. I hope this will trigger a wave of consolidations, and that the CBB will not stand against any of them..

We need bigger banks.. Local banks that are big enough to compete regionally, outside of Bahrain...

:)

I wonder though if they might change the name to Masrif Al Ithmaar in arabic.. Cuz i noticed Islamic banks like to use the word Masrif in arabic, as opposed to just Bank..