MANAMA, Bahrain, July 7, 2011 /PRNewswire-USNewswire/ -- Bahrain's investment business firm sector saw strong first quarter growth with an increase of more than 40 percent in managed assets compared to last year. Investments as principle also climbed to BD122.6 million over last year's BD73.5 million or the equivalent of $325.22 million.
"This sector has shown substantial growth since its inception and still is promising further growth in the coming few years," CBB Executive Director of Financial Supervision Abdul Rahman Al Baker said in an interview with Gulf Daily News, referring to the creation of the investment business license (IB).
Introduced in 2006 by the Central Bank of Bahrain (CBB), the IB license replaced an antiquated and cumbersome licensing process for firms wishing to provide investment products and services like asset management and brokering and advisory services. Since the program's beginning, the country has seen the number of IB's grow from 22 in 2006 to 51 as of this month.
"The creation of this license has attracted a number of prominent regional and international financial institutions to establish investment business firms in Bahrain," he said.
Despite recent global economic uncertainty, CBB Director of Financial Institutions Supervision Directorate Mohammed Ayman Al Tajer remained optimistic about Bahrain's ultimate recovery and growth.
"The global economic crisis had put pressure on the region's capital markets and investors," he said. "However, it is an established fact that any crisis or slowdown is a time phase of a given economic cycle and problems would always bring about opportunities."
"In times like this stakeholders need to be optimistic about the future and continuously vigilant of the available opportunities," he added.
SOURCE Kingdom of Bahrain
