Bahrain has prided itself on being the financial centre of the Middle East for more than 30 years. The outbreak of civil war in Lebanon in 1975 saw an exodus of bankers and capital looking for a new place to set up their operations, and Bahrain's capital, Manama, seized the opportunity.
The tiny island state subsequently carved out a reputation for having the best financial regulation in the Middle East and highly skilled local staff, and fast became a magnet for banks looking to capitalise on its superior access to Saudi Arabia, the region’s biggest market. Today, more than 400 financial services firms are active in the country, including 24 retail banks, 27 Islamic banks and 32 wholesale banks.
