France’s BNP Paribas launched its Islamic Banking Unit on September 8, 2003. The unit, based in Bahrain, will serve as the bank’s global platform for Shari’a compliant products. Governor of the Bahrain Monetary Agency (BMA) Shaikh Ahmed bin Mohammed Al-Khalifa, attended the official launch.
Bahrain hosts the largest concentration of banks and other financial institutions in the Middle East. The BMA, the Kingdom’s central bank and sole regulator for the financial system, currently regulates a total of 354 institutions, of which 183 are banks and banking-related institutions, 158 insurance and insurance-related firms and 13 capital market brokers.
BNP Paribas is a global financial institution active in more than 80 countries. The bank’s operations in Bahrain, which began in 1975, include commercial banking and an offshore banking unit. — (menareport.com)
© 2003 Mena Report (www.menareport.com )