Bahrain has been named ‘Best Financial Centre’ by Global Investor magazine, a flagship publication of Euromoney Institutional Investor, said a Central Bank of Bahrain (CBB) statement.

The award, announced at the magazine’s ‘Future of the Capital Markets in the Middle East Summit’, was conferred on Bahrain in recognition for its long standing status as a jurisdiction of excellence for financial services, it added.

The citation also recognised the work of the CBB, which is widely acknowledged as an even-handed, transparent and innovative regulator of the Kingdom’s financial services industry.

The award was received on behalf of the CBB by Shaikha Nayla Ali Al Khalifa, head of External Communications, at the CBB.

“The CBB is delighted with this commendation for Bahrain as a sound and safe jurisdiction for financial services,” said Rasheed Mohammed Al Maraj, governor of the CBB, the only single regulator in the Middle East.

'The recognition of Bahrain’s leadership in financial services is particularly timely, as it comes during a time of continued weakness in the global economy, following an unprecedented financial crisis,' Al Maraj remarked.

In Bahrain, the CBB has worked closely with the industry to steer through these difficult times. Such co-operation, which is a cornerstone of the way the CBB regulates its licensees, has helped minimize the repercussions of the global crisis on Bahrain’s banks and other financial firms.”

'Maintaining a regulatory environment that is, at once, business-friendly and adheres to international best practice is also a key element of Bahrain’s success as an international financial centre,' said Al Maraj.

'It is no surprise then that over the past three decades, Bahrain has built up the Middle East region’s largest concentration of financial services firms, with over 400 firms at present, representing a good mix of international, regional and local players offering a very wide variety of services,' he added.

The award from Global Investor is the latest for the Gulf’s most well established and mature financial centre which is also a global centre of excellence in Islamic finance.

In July this year, the CBB was voted Best Financial Centre at the International Takaful Summit; it was the third year in a row that the CBB had taken the top award.-TradeArabia News Service