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FINANCIAL NEWS
Bahrain’s financial sector grows by 1.7% in Q2
23 Nov 2011
(MENAFN) Bahrain Economic Development Board’s chief executive, Shaikh Mohammed bin Essa Al-Khalifa, said that the country’s financial sector in the second quarter grew by 1.7 percent compared with 2010’s same period, reported Arab News.
Shaikh Mohammad added that Bahrain’s local financial institutions grew by 4.3 percent in the quarter, whereas the insurance sector rose by 3.9 percent, on the other hand, over the year to June, the country’s manufacturing sector grew by 3 percent.
He also said that despite the disruptions to Bahrain’s economy and the uncertainty over global economic situation, the country managed to raise USD750 million through a seven-year sovereign Islamic bonds (Sukuk), highlighting the strength of Bahrain’s economy and the country’s long-term stability.
It is worth noting that in the second quarter, business loans increased 3.4 percent from the previous quarter, where loans to the manufacturing sector jumped 15 percent.
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