Bahrain is one of the pioneers of modern Islamic banking, with origins tracing back to 1970s. Presently, the kingdom has become the international hub of shari'a-compliant financial services, playing host to the largest concentration of Islamic financial institutions in the West Asia. Economically, Bahrain is a nation in transition with some unique economic features. It has a diversified economy and the dependence of the Kingdom on the oil resources is comparatively less than the other members of the Gulf Cooperation Council (GCC).
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