The Bahrain Monetary Agency (BMA) issued 30 new financial licenses in 2003, bringing the total number of institutions licensed by the BMA to 357 by the year’s end.
Of the new licenses issued during 2003, 12 were for banks and banking-related institutions, 17 for insurance and insurance-related operations and one capital market broker. The total number of institutions licensed by the BMA stands at 182 banking institutions, 162 insurance firms and 13 capital market brokers.
The BMA will continue work on developing a new licensing structure in 2004, stated a press release. The new system is intended to facilitate market innovation and provide greater flexibility to financial institutions in carrying out multiple lines of business. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
