MONEY MATTERS Banking has been proven to be one of the oldest industries in the world with its origins being traced back to 2000BC. This month, we highlight Bahrain’s modern day banking and finance sector and highlight key players in its recent developments and steady exponential growth. The Middle East has long been known to be an avid supporter of industry development, with banking being amongst its advancing sectors. The Kingdom of Bahrain’s banking institutions and exemplary services have played a pivotal role in the development of the region’s banking sector and emergence of Bahrain as a leader in the field. In fact, Bahrain’s banking system consists of both conventional and Islamic banks and is the largest component of the Kingdom’s financial system, accounting for over 85 percent of total financial assets. According to the Central Bank of Bahrain, as of September 2020, there is a total of 376 financial sector institutions in the country including 31 retail banks, 62 wholesale banks, 17 branches of foreign banks and eight representative offices of banks. These also include 34 insurance companies, 53 investment business firms and 86 specialised licensees. The banking sector has played a pivotal role in the emergence of Bahrain as a leading financial centre in the region. As of July 2020, banking sector assets stood at over USD212 billion, more than five times the annual GDP of Bahrain. To read more on saving, investing and financial advice for couples on our website, scan the QR code. banking Bahrainthismonth.com October 2023 29
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