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The Financial Sector FACT SHEET

Fact Sheet

Regulator: Financial Institutions:
Central Bank of Bahrain 364 (December 2022)

Financial Sector Workforce:
Total Workforce - 13,697 (2021)
Bahraini nationals - 9,402 (69%)
Foreign nationals - 4,295 (31%)
Key Economic Indicators:
GDP (Current) - US$38.9 billion (2021)
Growth - 11.9% (2021)
GDP (Constant) - US$33.6 billion (2021)
Growth - 2.2% (2021)
Financial Sector contribution to GDP - 17.7% (2021)
Sovereign Rating - B+ (S&P November 2022) with a stable outlook
- B+ (Fitch December 2022) with a stable outlook
Population - 1,504,365 (2021)
Banking Sector:
Assets - US$222.2 billion (November 2022)
Total No. of Banks - 86 (December 2022)
Retail banks - 30 (December 2022)
Locally incorporated - 13
Branches of foreign banks - 17
Wholesale Banks - 56
Representative Offices (Banks) - 8
Bank Society - 1
Islamic Banks (included in above):
No. of banks - 14 (December 2022)
Assets - US$36.4 billion (November 2022)
Insurance Sector:
Total No. of Insurance
Companies & Organisations
Authorised in Bahrain - 138 (December 2022)
* excluding Appointed Representative
Domestic Market
Gross premiums - US$ 545,063,829.7 (September 2022)
No. of Insurance Firms - 31
– Locally Incorporated Insurance,
Reinsurance Firms - 21
– Insurance & Reinsurance Firms
(included above, in Locally Incorporated) - 14
— Takaful & Retakaful Firms
(included above, in Locally Incorporated) - 6
— Captives
(included above, in Locally Incorporated) - 1
– Overseas Insurance Firms - 10
Insurance Brokers - 32
Insurance Consultants - 3
Bahrain Banks Directory 2023 21