Rasheed Al Maraj named Central Banker of the Year

Manama : Rasheed Mohammed Al Maraj, the Governor of the Central Bank of Bahrain (CBB), has been named as the best central bank governor in the Middle East for 2018 by ‘The Banker’. 

The award, according to the leading UK-based magazine, recognises Al Maraj’s contribution in adopting a progressing stance to develop a “world-leading regulatory environment for financial services – coupled with a forward-looking embrace of digital innovations and financial technology” in the Kingdom.

The annual recognition by the magazine under the Financial Times Group celebrates the officials that have best managed to stimulate growth and stabilise their economy.

“Beyond a growing economy and low inflation environment, over the past 18 months, the CBB has pursued a number of eye-catching initiatives in the fintech sector,” the magazine said in an article. 

The article noted that under the governorship of Al Maraj “Bahrain has built on its already impressive credentials as a globally minded financial centre”. 

“Bahrain may not be the largest financial centre in the Gulf, but it is one of the most sophisticated,” the article said. 

Al Maraj,  who assumed CBB’s governorship in 2005, according to The Banker, was instrumental in launching a dedicated regulatory sandbox for fintech start-ups in June 2017. 

The framework offered by the CBB is a virtual space open to existing licensees, as well as new local and foreign firms. The testing phase is nine months with a maximum three-month extension. A dedicated fintech unit established in October 2017 oversees the approval process for participation in the sandbox. 

“Collectively, these changes will open up new opportunities for business and investment structures to be developed in the country. In addition, they bring Bahrain’s structuring options to the level of best international practices,” said The Banker. 

Among other achievements, The Banker points out that the CBB has issued a new directive recognising both locally domiciled and foreign exchange-traded funds (ETFs) as collective investment undertakings. It means banks and other financial institutions can list ETFs established in Bahrain on licensed exchanges, while also permitting the registration of offshore ETFs. Notably, the new directive recognises both conventional and sharia-compliant funds.

“It is for these reasons that Al Maraj has claimed the Middle East Central Bank Governor of the Year award for 2018,” The Banker said.