There is a need to drive more growth in the financial sector and increase its participation in Bahrain's economy and diversify away from the oil-dependent industries, said a top official.

Economic Development Board (EDB) chief executive Shaikh Mohammed bin Essa Al Khalifa said that the Bahrain Financial Exchange (BFX) has been mandated to establish a platform where Islamic financial products can be traded, as well as currency, stock market indices bonds and commodities.

It is also planned for the BFX to find opportunities for financial institutions to delve into the Middle East and global markets by linking the prominent markets together.

He said that establishing the BFX in two years was a remarkable achievement.

Establishing a diversified financial exchange that combines traditional and Islamic products to serve the Middle East players was not an easy task, he said, adding that the EDB appreciated the efforts of those involved in its establishment. – TradeArabia News Service