It seems that barely a day passes without another Middle Eastern state announcing that it is to develop a centre devoted to the financial services industry and proclaiming its intention to be the ‘financial services hub of the Middle East’.
In a manner reminiscent of the fable of the tortoise and the hare, the Kingdom of Bahrain has, meanwhile, been quietly but methodically overhauling its legal and regulatory framework for financial services with a view to providing a comprehensive, straightforward and user-friendly platform upon which banks, funds, insurance companies and other participants in the financial services market can establish a presence in Bahrain and operate cost-effectively and competitively, while adhering to international best practice.
