Bahrain still a leading financial centre: Capinnova
Jamal Hijres, Chief Executive Officer at Capinnova Investment Bank, the Shari’ah-compliant investment banking arm of BBK, believes that Bahrain will continue to be one of the leading financial centres in the region due to the efficient regulatory policies adopted by the sector.
“Bahrain remains a popular destination for foreign investors on account of its established regulatory practices, transparency and adherence to international standards. We have successfully overcome previous episodes of instability owing to economic downturns. This experience of sound economic and financial management in both challenging times and otherwise is one of the greatest assets in the banking industry in Bahrain.” said Hijres.
“I strongly believe that Bahrain will continue to see strong growth in its financial sector. Regional economies have helped to raise the level of competition but Bahrain is still at the forefront and aptly retains its title as one of the largest financial centres in the region. I can confidently say that - Bahrain's future as an international financial centre is very much intact. There are several opportunities to be tapped within the country to secure good returns and long-term sustainability.
“Bahrain has tremendously benefited from the solid foundations laid by the country’s efficient economic and financial policies outlined over the preceding years. In the Central Bank of Bahrain, we have a single regulator that is widely recognised as one of the best in the region. I don’t believe that the economic downturn has affected Bahrain to the same extent as some other parts of the region, since we did not; for example, experience the same levels of real estate speculation that was seen in other regions.
“The Islamic banking industry in Bahrain is a fast growing sector that offers an array of opportunities yet to be exploited. Although the Middle East still represents the biggest share of the total Islamic banking sector, Western countries are gearing towards this new trend that presents a unique opportunity to diversify. The next few years will surely test the strengths of Islamic Finance industry in the region and I am confident that the industry will deliver,” concluded Hijres.
Capinnova Investment Bank recently reported a net profit of $1.2 million for the period ended 31 March 2011 as compared to net profit of $1.46 million for the same period in 2010. The gross revenue reported for the period ended 31 March 2011 was $2.55 million in comparison to $3.37 million for the period ended 31 March 2010.
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- Financial services currently account for up to 27.6 per cent of Bahrain’s GDP