The size of Bahrain’s information technology (IT) market is around $366 million this year, up six per cent from $345 million in 2009, said a study.

UK-based Misys, a leading global applications and services provider, highlighted in its new research that banks in particular have been investing heavily into the sector to support new services and to achieve regulatory compliance, complementing Bahrain’s emergence as an important regional financial hub.

Other areas that are also fueling local IT industry growth are enterprise applications, telecommunications, and government, the study said.

Misys data showed that financial services comprise almost 30 per cent of Bahrain’s GDP, with over 400 licensed financial institutions operating within the country.

Bahrain is especially recognised as an innovator in Islamic banking, developing and implementing the world’s first regulations specifically covering this unique segment back in 2001.

While Bahrain’s status as the financial capital of the Middle East has helped it minimise the impact of the global crisis, the thriving local financial industry has also driven demand for related technologies.

Misys will extensively discuss how it can help meet the unique technology requirements of Bahrain’s banking and finance sectors during the sixth edition of Meftec, the premier financial technology event for emerging markets.

The two-day summit is opening tomorrow (April 20) at the Bahrain International Exhibition & Convention Centre.

“The rapid growth of Bahrain as a regional banking and financial hub has influenced a parallel surge in ICT application and service demand,” said Roy Froud, director MEA, Misys.

“The downturn has exerted added pressure for local financial businesses to ensure that their services are safe, swift, world-class, and compliant with strict industry and government standards and regulations,” he added.

“Meftec will provide Misys with an excellent platform to show how its products and services can help this industry achieve its goals and help maintain Bahrain’s leading position within the highly competitive Arab financial markets.”

Misys, the gold sponsor for this year’s Meftec, will showcase its leading capabilities in retail banking, treasury and capital markets, and Islamic banking at the trade show. – TradeArabia News Service