Bahrain Monetary Agency's (BMA) creation of a single rule book, intended to reinforce what is generally regarded to be the Gulf Cooperation Council (GCC) region's clearest and most open regulatory framework for banking, is another sign of the island state's determination to retain its position as the Gulf's leading financial centre. The traditional Gulf base of choice for many international banks, Bahrain is facing increased competition from other GCC members, especially the United Arab Emirates and Qatar, and, in particular, from the new Dubai International Finance Centre (DIFC). However, a mixture of tradition and forward-thinking along with steady growth in the domestic economy looks set to ensure that Bahrain's banking sector continues to expand.
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