Bahrain yesterday (October 29) pledged its commitment to the development of Islamic finance to meet growing global demand and to foster broader regional growth.

In a speech to World Islamic Economic Forum, the Crown Prince said economic development thrives through interdependence, reported the Gulf Daily News, our sister publication.

"Growth in one country brings growth to others. It is a virtuous cycle," said His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier.

He highlighted the need to create employment and enhance opportunities for the next generation in the Middle East, which has one of the fastest growing populations in the world.

"Undoubtedly, the world's focus has been on political developments in the Middle East. But the driver, the catalyst, and, ultimately, the solution to our region's issues, lie in economic development, enhanced opportunity and education.

"Through these there is the opportunity of delivering lasting, transformative change and prosperity across class, religion, sect, tribe and race."

With Islamic finance in focus at the forum in the British capital, the Crown Prince said Bahrain sits at the heart of the rapidly growing GCC market - valued at $1.5 trillion today.

The kingdom's financial sector has played a key role in fulfilling the needs of the wider region, he pointed out.

"With the growth of Islamic finance, we proudly host the largest concentration of Islamic financial institutions in the region," he said.

The Crown Prince called for moves to standardise the regulation of the Islamic finance industry, create new asset classes and facilitate the growth of the industry. – TradeArabia News Service