LONDON: The Kingdom of Bahrain with concentration of largest number of Islamic banks and financial institutions serves as a gateway to the $1.5 trillion GCC economy, according to HRH Crown Prince Salman bin Hamad Al Khalifa.
HRH Crown Prince in his keynote address at the opening of the 9th World Islamic Economic Forum (WIEF) 2013 which is being held in London told the audience touched upon fostering co-operation between Muslim countries as well as exploration avenues of cooperation with non-Muslim countries in economic and trade businesses.
HRH highlighting the importance of Bahrain’s unique position as a pioneering Islamic banking centre, said that Bahrain not only boasts the largest number of IFIs but also host to the global organisations such as AAIOFI, CIBAFI, IIFM etc., which shows Bahrain’s continuous endeavour to play a pivotal role in the development of the Islamic banking industry.
HRH Prince Salman urged for bringing in universality in the standards of the Islamic banking industry which according to HRH will help the already $1.2trillion industry to unlock further potential of growth and development.
HRH said that human capital would remain a crucial driver to economic development and growth.
“Investing in human capital and equipping the youngsters with necessary tools of knowledge can usher in new era of progress and economic development in the world,” HRH said.
“Bahrain had embarked on a historical journey some 40 years back by harnessing its people with necessary education and knowledge. We will continue to offer best education opportunities to Bahrainis to keep them abreast with the developments taking place at local, regional and international levels,” HRH said, adding that the Arab region alone needs 100 million new jobs which pose the biggest challenges to the countries of the region to address employment,” HRH said.
Highlighting the importance of the WIEF 2013 HRH said it was an important global platform and more significantly reinforces London’s position as a global financial center.
“The political and economic development in one country can impact other neighbouring economies and concerted efforts to bolster co-operation in economic and trade will help to bridge up existing gaps in the global economy,” he said.
“Private sector is crucial to the development and is seen as an engine of growth backed by flow investments in people and infrastructure backed by strong and healthy regulations, an outstanding financial strength of the Kingdom of Bahrain,” HRH said.
HRH Crown Prince also lauded the speech of the Malaysian Prime who spoke about gender equality and rights of women.
HRH Crown Prince and First Deputy Prime Minister invited WIEF to Bahrain to host such distinguish meeting there.