The island state of Bahrain prides itself on being the hub of the Gulf region's financial services industry. To consolidate its status in the face of competition for business from other centres, the capital city of Manama is pushing everything, including a major new real estate development - the Bahrain Financial Harbour (BFH) - the liberalisation of its economy and political system, and a stronger regulatory regime for conventional and Islamic financial services. Overseen by a widely respected central bank, the Bahrain Monetary Agency (BMA), Bahrain is now home to more than 360 financial institutions, including banks, insurance companies, brokers, investment houses and Islamic finance firms. Bahrain-based deals benefit from a sovereign foreign currency rating of A- and a local currency rating of A from Standard & Poor's (S&P) and Fitch. Major regional institutions, such as Arab Banking Corporation and Gulf International Bank, are based in the kingdom.
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