Bahrain's Arcapita: Rising from the ashes

One of the reasons the Gulf has been so slow to introduce bankruptcy legislation is because there is still a stigma associated with the process. While some of the biggest companies and business names in the West have gone through the process, in the Arab world it is still seen as taboo and a major cultural failure. One company that has gone through the process, come out the other side and is slowly beginning to scratch away at the doomsday perception associated with bankruptcy is Bahrain-owned, US-based firm Arcapita. Atif Abdulmalik, chief executive, believes the Arcapita experience should be seen as an example to authorities in the region who might be reluctant to push ahead with the introduction of similar procedures in the Arab world for fear of the taboo associated with it.