BMA grants license to Philippine bank
The Bahrain Monetary Agency (BMA) has granted a license to AMA Bank from the Philippines to set up a Representative Office in Bahrain. The branch will handle all of the bank’s Middle East operations.
AMA Bank is part of the AMA Group, which also includes AMA Insurance and Reinsurance, AMA Investments Corporation and AMA Computer University. The bank was established 50 years ago and operates 19 branches in the Philippines.
The Kingdom of Bahrain is a major international financial center, which has the highest concentration of Islamic financial institutions in the world. At present, 26 Islamic financial institutions and five industry-support organizations operate from the Kingdom. In addition, the BMA licenses 34 Islamic mutual funds. — (menareport.com)
© 2003 Mena Report (www.menareport.com)