Bahrain hub of Islamic finance: Trade Arabia

While the global financial services industry is in sharp retreat due to the credit crunch, Bahrain's reputation as a global centre for Islamic finance and the financial capital of the Middle East remains solid, a top official said.

This is reinforced by the 25 per cent contribution of its financial services sector to the country's gross domestic product (GDP) - and, in one of the world's fastest growing markets, there is plenty of room for further expansion and investment, Industry and Commerce minister Dr Hassan Fakhro said during the fifth edition of the annual banking and financial technology event Meftec 2009.

"Meftec, the world's leading financial technology event, encourages the use of weightless products and services to move us forward and not to stagnate as an economy," said Dr Fakhro who is chairman of the Bahrain Exhibition and Convention Authority, which is hosting the event.

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