Middle East Economic Survey

VOL. XLIX

No 9

27-February-2006

bahrain

BMA Licenses Two New Islamic Banks

The Bahrain Monetary Agency (BMA) has recently licensed two Islamic banks. The first, Al-Masref, will have an authorized capital of $20bn, of which the founders from the Gulf have subscribed to $10bn and have paid up half this amount. The bank, which is believed to be the largest Islamic bank in the world, will be a fully-fledged commercial institution, operating under Shari'a principles. The...