Bahrain is a beacon of economic freedom, built on policies geared for growth, says Prime Minister Shaikh Khalifa bin Salman Al Khalifa.

Its success is reflected in its ranking as one of the freest economies in the world, he said in an interview with Al Masaref Al Arabiya magazine, issued by the Union of Arab Banks.

Bahrain ranked first in the Middle East in the global index of economic freedom, produced by the Wall Street Journal and the Heritage Foundation, said the Premier.

He attributed the kingdom's success to its well-balanced policies and control mechanisms used in banks.

"Today's Bahrain enjoys substantial economic and urban development levels and represents a highly advanced international financial hub," says the Premier.

"The government spares no effort to speed up the development process and build on what has been achieved, owing to a modern infrastructure, highly skilled labour force and an open, tolerant society."

On the global crisis, he stresses the need to develop alternative economic models, particularly Sharia-compliant financial dealings, urging countries to join hands in working out a common strategy to avert such crises and safeguard free, open markets. - TradeArabia News Service