M Jafar Mojarrad,vice-governor of Bank Markazi, Iran’s central bank, tells The Banker about the latest developments in the economy and the financial sector.

Iran is reaping the benefit of economic reforms and its banking privatisation plan is likely to be a springboard to further financial success. Stephen Timewell reports from Tehran.

Against the background of its solid reputation as an international banking centre, Bahrain is expanding the scope of its activities with the development of its insurance market.

Political troubles have had little impact on the region’s banking sector, judging by this year’s Top 100 ranking.

The burgeoning Sukuk bond market is just one sign of the global Islamic financial services industry’s spectacular growth, which Bahrain is promoting by providing a sound investment and regulatory environment. James Gavin and Jon Marks report.

Israel’s Finance Ministry is planning sweeping reforms of the country’s capital market and the banking sector. The reforms have the support of Finance Minister Benjamin Netanyahu, his top officials and the Bank of Israel.

The Dubai International Financial Centre (DIFC) issued its first three licences on September 20, marking the launch of a free zone that Dubai officials hope will catapult their city into the major league of global financial hubs.

Several other members of the six Gulf Co-operation Council (GCC) economies have traditionally had dollar pegs. And since the December 2001 Oman GCC summit decided to move the regional grouping towards a single currency by 2010, all Bahrain’s partners have moved to a dollar peg.

As well as regulation,the Bahrain Monetary Authority is responsible for setting and overseeing monetary policy objectives, to protect the Bahraini dinar’s value and maintain general economic stability, as well as that of financial markets.

Bahrain is making efforts on many fronts to strengthen its status as a financial services hub. The Banker reports on current projects and developments.