A WEF white paper highlighted that in order to improve risk management, it is important to highlight that the right tools should be used, including: 7 a.  data on the emerging new innovation and its potential impact;  b.  assessment tools for the systemic risks introduced by innovation;  c.  a more standardised regulatory treatment framework for new competitors across jurisdictions; and  d.  an improved mechanism for public-private cooperation to combat cyberattacks.
Bahrain also played a pivotal role in developing the banking regulations and supervisory legislation to facilitate the growth of Islamic banking since the mid 1990s. This environment has helped in attracting a lot of interest from regional and international institutions to set up Islamic banks and Takaful companies. There are over 30 institutions in Bahrain specializing in Islamic finance.