Bahrain is home to one of the region’s most vibrant financial sectors, with financial services rivalling oil and gas in terms of economic importance: indeed, by late 2021 the financial sector had overtaken hydrocarbons as the largest contributor to the economy. The country’s Islamic finance sector is also strong, with Bahrain ranking fourth out of 135 countries and second in...
After a resilient performance in 2020, the international Islamic finance sector fared positively in 2021 as an improved economic environment, a rise in the number of large projects, and an increased focus on environmental, social and governance (ESG) factors combined to drive demand for services.
Bahrain has laid the foundation for strong growth in its financial technology (fintech) companies and ecosystem and is pursuing a two-fold strategy to expand the industry in the years ahead. The first prong aims to leverage fintech to facilitate integration of domestic payments infrastructure and improve links between retail banks, merchants and service providers. The second...
The insurance sector is set to undergo a series of reforms under the government’s Financial Services Development Strategy (FSDS) 2022-26, announced at the end of 2021 and developed in line with the broader Bahrain Economic Vision 2030 to stimulate growth over the course of the decade.
After weathering a series of global and regional challenges in recent years, Bahrain is emerging from the Covid-19 pandemic with a return to growth, rising government revenue and a new plan for the kingdom’s future economy. It was able to weather the 2020-22 period that was characterised by low energy prices on international markets, which resulted in slowed GDP growth both in...
From remote work to widespread job losses, the Covid-19 pandemic dramatically changed the way people work. These interruptions are likely to have a significant impact on the labour market well into the future. In a briefing from June 2021, the UN said that many emerging markets in particular were experiencing a “full-blown unemployment crisis” that was exacerbating existing...
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