Bahrain urges Islamic banks to merge

BAHRAIN - Bahrain, the Gulf's financial centre, on 5 June urged Islamic banks to consolidate or increase their capital to help them compete with conventional banks on financing major projects.

Naser Mohammed al-Belooshi, executive director of management services at the Bahrain Monetary Agency (BMA) - the Gulf Arab state's central bank - said capital limitations would continue to seriously compromise the ability of Islamic banks to finance major international projects.

"Islamic banks will have t