Within the ESCWA region, BMA, the central bank of Bahrain and the sole regulator of the financial system, has recorded significant achievements in the field of Islamic banking regulations, and was the first central bank to develop and issue prudential regulations for Islamic banks. The Prudential Information and Regulations framework for Islamic banks, which was introduced in 2002, covers issues related to capital adequacy, asset quality, management of investment accounts, corporate governance and liquidity management.