Islamic banks shining in Bahrain

Bahrain’s Islamic banks increased assets by 50 per cent to US$24.6 billion (Dh90.35bn) last year despite adverse market conditions, according to figures issued by the country’s central bank.

“Bahrain is well positioned to remain at the forefront of developments through the application of prudent regulatory standards,” said Rasheed al Maraj, the bank’s governor.

Analysts said the growth probably occurred in the first half of last year and attributed much of it to Islamic finance being relatively new rather than any perceived benefits compared with conventional methods of financing.