Financial sector is booming in Bahrain.MANAMA: Bahrain's financial and banking sector is booming, says a report. This reflects the government's efforts towards boosting the kingdom's financial status and diversifying its sources of income. The Central Bank of Bahrain The Central Bank of Bahrain was established in 1973 as the Bahrain Monetary Agency, shortly after Bahrain gained its independence from the United Kingdom. As per Decree No. (CBB CBB Celebrity Big Brother CBB College van Beroep voor het Bedrijfsleven (Dutch) CBB Cattlemen's Beef Board CBB Coalition for Buzzards Bay CBB Could Be Better (visual effects) CBB Can't Be Bothered ) is also playing a key role to maintain stability in the financial sector. More than 10,000 Bahrainis were accommodated by financial and banking establishments in the kingdom, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the report. This has also contributed to creating more than 1,500 jobs in a year alone, according to an annual report issued by the CBB on the performance of the sector. According to the report, the banking sector's unified budget that includes the retail and wholesale sector's banking establishments went up from $222.4 billon bil·lon n. 1. An alloy of gold or silver with a greater proportion of another metal, such as copper, used in making coins. 2. An alloy of silver with a high percentage of copper, used in making medals and tokens. at the end of the third quarter of this year from $212.7bn at the end of the second quarter, posting an increase of 4.6 per cent. The unified budget increased $54bn or 32.1pc. Local assets reached $34.7bn at the end the third quarter of this year against $31.2bn at the end of second quarter, recording an increase of $3.5bn. Foreign assets hit $187.7bn at the end of the third quarter against $181.5bn at the end of the second, increasing by $6.2bn. Net foreign assets went up from $7.2bn at the end of the second quarter this year to $8.5bn at the end of the third, marking an increase $1.3bn. The number of banking institutions increased as 33 new establishments were licensed and the overall number reached 400 institutions, placing Bahrain on top of the states hosting financial establishments in the region. Bahrain was also the first state to support investment funds Noun 1. investment funds - money that is invested with an expectation of profit investment assets - anything of material value or usefulness that is owned by a person or company and set up their bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an in the early 1990s. Consequently, it led the region last year by running investment funds worth $9bn. The CBB has granted licences to over 2,000 investment funds. Bahrain is now home to the headquarters of 102 investment funds, of which 40 funds are operating in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the Sharia. The Islamic banking Islamic banking refers to a system of banking or banking activity that is consistent with Islamic law (Sharia) principles and guided by Islamic economics. industry in the kingdom is flourishing flour·ish v. flour·ished, flour·ish·ing, flour·ish·es v.intr. 1. To grow well or luxuriantly; thrive: The crops flourished in the rich soil. 2. , occupying 80pc of the industry's total volume in the region thanks to its strong basis. Bahrain has the most Islamic banks as well as related service, legislative and legal establishments which are offering top class facilities and generating investment revenues in the region. Islamic banks in Bahrain have dealt in investments worth around $10bn over the last five years with considerable increases set till 2010. The insurance sector has substantially blossomed over the last five years, resulting in a notable increase in the number of insurance and related companies operating in the kingdom. Insurance premiums rose to around BD118 million last year, marking a 26pc increase over 2005. Copyright [c] 2008 Gulf Daily News Provided by Syndigate.info an Albawaba.com company |
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