Bahrain is back

With healthy profits last year, and plans for up to 20% rise in assets, the Bahraini banking sector is suddenly looking like a more attractive place to work.

The liberalisation of Bahrain's investment laws has seen the assets of Bahrain's banks rise by over 30% in 2007 to $285bn, according to a report by Securities and Investment Company (SICO). It anticipates another 20-25% per annum over the next three years.

What's more, Fitch says that there's a healthy underlying profitability in Bahraini banks in spite of heavy credit market losses at banks like Arab Banking Corporation and Gulf International Bank (GIB), and profit slumps at BKK.

Anthony Mallis, chief executive officer, at SICO says: "Bahrain's banking sector thrives on the buoyant regional economy offering investors significant investment opportunities."

Peter Jones, director of Middle Eastern search firm MRK Consulting, reckons most of the jobs in Bahrain centre around investment banking, but there are also asset management and private equity posts on offer.

"It's mainly the local banks recruiting, who want both Middle Eastern experience and some time with a multi-national investment bank," he says.

Bahrain is also challenging Dubai's crown as a centre for Islamic finance. The sector has swelled by 80% over the last five years and now stands at $1.5bn.

Abdul Rahman Al Baker, the executive director at the Central Bank of Bahrain tells us there's "more to come" and that the industry will "make a big splash in the global funds and capital markets in the coming years".