When governments across the world want to learn more about Islamic banking, a small but rapidly expanding niche of finance that adheres to Muslim principles, the first port of call is often Bahrain.
However, with Bahrain’s position as the Arab world’s financial centre now seized by Dubai – at least in terms of international investment banking – the question remains how the small Gulf kingdom can remain the region’s dominant hub for Islamic finance.
“The international banking business is probably gone, so they [the Bahraini authorities] need to hold on to their edge in Islamic finance,” says a senior Islamic banker in Manama.
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