Bahrain marks 100 years of banking sector

MANAMA: Bahrain today celebrates the centennial of the first ever bank established on its territories before the 1920s.

A grand ceremony will be held to celebrate the historic milestone under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa.

A monument will be unveiled depicting the sector’s glorious history. A book, Bahrain’s Banking Sector: 100 Years of Challenges and Achievements, will also be launched at the ceremony.

The sector achieved great strides since its inception, to become a key pillar of the national strategy to diversify sources of revenue and expand the economy.

The celebration also pays tribute to the Premier in recognition of his pivotal role as the architect of modern Bahrain which yielded a thriving banking sector.

Bahrain now hosts 385 financial institutions, including retail and wholesale, and offshore banks.

The kingdom was also in the vanguard of countries developing Islamic banking, becoming the first hub in the Arab world with 11 Islamic banks out of more than 60 listed large Islamic banks.

The kingdom also embarked on modern digital financial technologies with the launch of Bahrain Fintech Bay in 2018.

Source: http://www.gdnonline.com/Details/885892/Bahrain-marks-100-years-of-banking-sector