This initiative by the CBB is the first of its kind in the Middle East region, aiming to fulfill the insurance needs of major industrial, oil, and service firms that seek to establish their own insurance companies. Bahrain succeeded in 2006 in attracting Tabreed Company as the first captive insurance company, licensed in the GCC.
The lack of a specialised centre in the region aimed at fostering the development of the captives market led to the CBB’s initiative in this regard. Furthermore, Bahrain has also attracted takaful and retakaful insurance businesses, who are benefiting from the well structured regulatory environment.