The Landscape of Financial Institutions in Bahrain

The Kingdom of Bahrain is a major international financial center. The banking sector takes the 2nd place in the country’s economy and provides approximately 27% of GDP. Central Bank of Bahrain (CBB) is the main financial institution in the country since 2006, when it was proclaimed the new central bank. Today, it is responsible for control, inspection and licensing of the financial institutions. Its regulatory and monitoring framework plays an important role in relieving the international banks of limitations.Advertising We will write a custom research paper sample on The Landscape of Financial Institutions in Bahrain specifically for you for only $16.05 $11/page Learn More According to the report of CBB (30 September 2011) there were licensed 24 conventional banks (Retail), 56 conventional banks (wholesale), 26 Islamic banks, 27 locally incorporated insurance firms, 11overseas insurance firms, 48 investment firms, 33 insurance brokers, 3 insuranc e managers, 5 insurance consultants, 32 insurance firms (restricted to business outside Bahrain), 4 insurance brokers (restricted to business outside Bahrain), 2 insurance consultants (restricted to business outside Bahrain), 11 loss adjusters, 2 insurance pools and syndicates offices, 18 money changers, 4 administrators, 8 financing companies, 16 banking representative offices, 5 insurance representative offices, 11 investment firm representative offices, 2 microfinance institutions, 10 capital markets. The total amount of banks and financial institutions licensed by CBB makes 408 (Central Bank of Bahrain). There are over 180 banks in Bahrain. Banks are divided into wholesale and retail banks. Wholesale banks dominate in the region. The leading wholesale bank is ABC (Arab Banking Corporation). Leading foreign banks are: BNP Paribas Bahrain, HSBC Bahrain and Citi Bank. Wholesale banks made approximately 88 % of the total banking assets during the period 2003-2006. The leading retail banks of Bahrain are: Ahli United Bank – assets US$ 29.0 billion (the second largest bank after CBB), National Bank of Bahrain (NBB), Bank of Bahrain and Kuwait (BBK), BMI Bank, Futurebank. Market investments of retail banks made only 12.3% of total assets. The retail banks share in the market was within the limits of 11.8% – 12.3% for the same period. These statistics demonstrates that the growth of the banking assets was applied to all banks; it means that both retail and wholesale banks indicated approximately the same progress for the same period (Table 1, 2). A total value of assets in Bahrain banking sector is $199.4 billion. Today Bahrain hosts more than 171 insurance companies from all over the world. They are both: conventional and Islamic, onshore and offshore institutions. Here is the list of the largest insurance companies in Bahrain according to the value of assets:Advertising Looking for research paper on business economics? Let's see if we can hel p you! Get your first paper with 15% OFF Learn More Iran Insurance Gosi Bahrain National Insurance Company BSC (c) (BNI) Oryx Insurance Protection Insurance Services WLL Bahrain Kuwait Insurance Company Trust International Insurance Company Arab Insurance Group Fakhro Insurance Services The creation of financial centers in Bahrain contributed to significant development of the insurance, reinsurance and brokerage business in the country. The branches of personal/family and motor insurance are the leading ones in Bahrain. Bahrain has long-term plans to increase the gross premiums of compulsory medical insurance to BD 190 million by 2015.† The Islamic Insurance market (T’akaful and ReT’akaful) contributions as a percentage of Total Premiums written is estimated to increase to 31.2% by 2015; the highest increase in the Gulf States (source; Swiss Re)† (Rose 701). Bahrain attracts a large number of financial companies and world-famous resellers because of its obvious tax advantages, effective system of state regulation and ultra-modern infrastructure. There are several great Bahrain companies: Arab Financial Services (provides card processing and electronic banking services), Bahrain Commercial Facilities Company (short, medium and long term consumer finance), Securities Investment Company BSC (SICO), Bahrain Financing Company (foreign exchange and money transfer services). Banks are interested in industries that supplying rapidly growing population of the region, such as pharmaceuticals, healthcare and education. The economies of the Gulf thrived, thanks to a fivefold increase of oil prices since 2002. Considerable income to the treasury brings Bahrain Refinery Company, which is the second great company in the Middle East (after the Abadan refinery in Iran). In addition to the local oil the refinery processes crude oil that comes from an underwater pipeline from Saudi Arabia (more than 10 million tons annually). The second larg est industrial facility in Bahrain is an aluminum-smelting plant â€Å"Aluminum Bahrain† (ALBA). All financial institutions and services in this country must be licensed by the Central Bank of Bahrain. CBB licensing is composed of six major categories of licenses. â€Å"Some of the activities can be carried out only for specific types of licenses, and to qualify for a certain type of license, certain activities must be carried out† (Central Bank of Bahrain). According to the Rulebook, CBB points out new basic license categories with license sub-categories: conventional banks (retail and wholesale banks); Islamic banks (retail and wholesale), insurance licensee (insurance and re-insurance firms and captive insurance companies), insurance actuaries and brokers (insurance consultants, insurance actuaries, loss adjusters, insurance managers, insurance brokers, insurance entities); specialized firms (financing firms (conventional and Islamic); leasing firms (conventional an d Islamic); money exchange firms, representative offices of foreign companies which provide regulated services, ancillary services providers for the financial sector, portfolio management services providers, special-purpose company for issuance of bonds and sukuk, special purpose company for establishment of private retirement funds and savings funds and trustee.Advertising We will write a custom research paper sample on The Landscape of Financial Institutions in Bahrain specifically for you for only $16.05 $11/page Learn More Capital markets subdivided into securities exchanges and precious metal exchanges and mutual funds (Central Bank of Bahrain). Table 1: Wholesale and retail – banking assets Table 2: Consolidated Balance Sheet: Retail and Wholesale Banks Works Cited Central Bank of Bahrain. CBB Rulebook. Aug. 2006. Web. http://cbb.complinet.com/cbb/microsite/cbb_rulebook.html. Peter S. Rose, Sylvia C. Hudgins, Sylvia Hudgins. Bank Manageme nt Financial Services W/SP Bind-in Card. New York: McGraw-Hill Higher Education, 2009.Advertising Looking for research paper on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More This research paper on The Landscape of Financial Institutions in Bahrain was written and submitted by user Meggan to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

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How Important is the Media in the Investigation of Serious Crime Research Paper

How Important is the Media in the Investigation of Serious Crime - Research Paper Example The underlying goal is accomplished by the collection of accurate data in response to a particular crime or act that contravenes the law. Criminal investigation process involves initial descriptive steps where the investigator gives an in-depth description of the things and people that are present in the crime scene without making inferences concerning the crime or the person present. Consequently, the investigator then gathers evidence, documents, and reviews every element while analyzing all particulars regarding the crime scene cautiously and categorically (Palmiotto, 2013, p.4, 5). In the instances of serious crime, a recital of the police as detectives in most cases remains pronounced to the public. The figurative role of the Corps in the war against crime remains upheld for scrutiny and valued by the media besides being recognizable by the previous police agents. These police agents can find employment within private media organizations whose work is to ensure that there is enhanced delivery of â€Å"inside track.† Additionally, the corps read views and pay attention to audiences in ascertaining the origin and significance of particular criminal occurrences. Serious crime investigation concerning the media has become a very important component.  The circumstance  has remained identified and accredited by Home Office research as an essential skill needed by senior investigative officers (Newburn et al., 2007, p.160). Newburn et al (2007, p.160) ascertain that media in the presence of serious crime can be used to offer assistance to the generation of data. Further, it  acts as a link between the public and the audience as a means of reporting the investigations carried out on crime.