Fertile ground

Bahrain's Islamic banking industry continues to grow and flourish, with the number of Islamic financial institutions operating from the country currently standing at 26. ABC Islamic Bank, a wholly-owned subsidiary of Arab Banking Corp., remains on course to issue the world's first Islamically- structured credit card. A company named International Credit Co. has been established in Bahrain by ABC Islamic and other banks which will issue cards to their clients. Regulation of the Islamic banking industry remains a top priority for Bahrain's authorities. Prudential regulations, aimed at ensuring the soundness of Islamic banks, came into force earlier this year.