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but for foreigners too. Islamic banks in Balmaiii and
Of course, we have a veiy they are doing veiy well, but it

advaiiced housing policy-that is a free market and they have
was the reason why His to compete. People liave the
Highness the Pi'iine Minister freedom to choose. We have
was awarded a pi'ize by LTN- seen that cominercial banlcs
Habitat for our housing pro- have also included sections that
grainme. Eveiy citizen is entit- are iuled according to Islainic
led to receive a house from the law, so they are moviiig in a
Govemirient. We started this in veiy good direction.
the late 1960s and big program-
mes are in place. Q: In Switzerland there are
banking secrets.
We are also veiykeen on attrac-
ting foreign inveshnent, so you Ours is a totally different sys-
will see that there are a lot of tem. As I told you, we liave a
employment opportunities veiy advanced monetaiy sys-
either in hospitals, education, tem, but totally different. I
know the advantages that
Switzerland lias, but these can-
Q: Bahrain is known to be not be applied worldwide. The
aiming at becoming the movement of fiutds is carried
financial hub of the Middle out in a veiy transparent way.
East. Tl'ffs is an advantage for hust
building and you are avoiding a
This lias actually been taking lot of problems. We are prorid
place since early 1970s. As I of our system andwe have been
told you earlier, our leaders able to attract a lot of foreign
recogi'med at an early stage that inveshnent.
we had to diversify our econo-
my; one of the sectors to be Q: You are actually leaving
developed was the banking sec- Geneva to take up a new
tor. Of course, in the beginniiig position.
a lot of offshore banks moved
inight laiow, we are the first His Majesty the King Hainad
counhy iii the Gulf Biii Isa AL KHALIFA, Kiiig of to Bahrain. They subsequently Actually, I'm leaving veiy soon.
Cooperation Council (GCC) to Bahrain has taken veiy coura- found that the environirient was I have been appointed by the
suitable as a centre for the Gulf Govemrnent of Bamain and tlie
get rid of tl'ie sponsorsliip geous refonris in all aspects of
in teims of location, in terms of Minister of Foreign Affairs to
system. life: political, econoinic and
restrictions and, most impor- be tlie Under-Secretaiy in the
social refonns which help in
tantly, we have a veiy advanced Minishy of Foreign AfFairs. I
Q: Could you explain this busting tlie counhy.
monetaiy system. Bamain has feel that the Geneva expei'ience
a little further
been the counhy that was least has been a very good one tliat
Bahraiii lias always been
affected by the fuiancial ci'isis will be useful to us. There have
Freedom of movement of known for its freedom of faith.
because the Central Bank of also been a lot of developments
labour means tliat you do not We have all kinds of chrirclies,
Balmain has a very good moni- takii'ig place in the Minishy of
need the authorizatiori of your a small Jewisli community,
toig system. Foreign Affairs. Despite being
employer to move from one job Buddhists. In tenns of faitli, we

a small counhy, we are veiy
to another. If you fiiid a better are a veiy tolerant society.

Today, in fuiance as a whole, active with leaderslnp iii the
opportiinity, you are free to take
including insurance, nobody multilateral arena. The Minishy
it. This is something tliat was We have many nationalities
not possible earlier. We also from an over the world. Some can compete with us in the of Foreign Affairs is always
z introduce unemployinent insu- people have taken their retire- Middle East. In tenns of paiticipating in conferences
rance benefits. Anyone who is ment in Bamain. Islainic banking, we are nuin- and workshops that are taking
ber one iii the world. place, especially when it
unemployed will be paid by the
concems Our regloll
Minishy of Labour for six Q: Is it a good place to reti-
Q: What is the difference
montlis until he or she fuids re to because people do
between a normal bank We are not a counh'y that
another job. not pay taxes?
and an Islamic bank? attempts to iinpose itself. We
are always being asked by our
Despite being a veiy small It's not only about taxes. Of

In terms of the system, they fi'iends to attend these confe-
coruity, we have a lot of good course, people do not pay taxes,
apply different i'ules. I do not rences because tliey know that
stories to tell the world. We pi'ivate ownership-you have
want to go into detail, but basi- we have a moderate foreig,
have a veiy open and democra- education-pi'ivate or public.
cally Islainic banks are based policy and we always toy to
tic system of legislation, with The universities only charge
on profit-shariiig, wliereas tlie support our region and our
two chainbers-aii upper and a administrative costs. Health
coininercial banks are based on friends. We have veiy good
lower horise. care and education are also free
interest rates. We have very big relations witli all the countries
thus far; not only for Babraiiffs
of the world.
10 3 2009 Diva
wwwdivainternationalch