(Sukuk.net - Bahrain Tribune) The Central Bank of Bahrain has always been committed to international standards and the bank would take efforts to solidify Bahrain's position in the long term in order to face any future challenges, a senior official at the CBB has said.

Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain (CBB), who received the Lloyd's Deputy Chairman Graham White and other industry representatives yesterday, said the prospects for growth remained excellent for the financial services industry. On its part, Al Maraj said, the CBB would steadfastly pursue its policy of implementing international best practice in all aspects of regulation and supervision.

During the meeting, the Governor also highlighted Bahrain's policy initiatives to enable the growth of the industry and the commitment of the country's leadership in promoting such developments, which have underpinned Bahrain's success as an international financial centre of repute.

"This also applies to the Islamic financial services industry, both banks and insurance firms. The Central Bank of Bahrain applies the same high levels of regulation and supervision to Islamic financial institutions as with the conventional industry," said Al Maraj.

He welcomed White who is currently on a visit to the Kingdom to set up a market hub in the Middle East. Al Maraj briefed him about Bahrain's economy and the growth and development of the financial services industry.

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