The Bahrain Stock Exchange (BSE) closed 0.70% higher at 1,434.25 points due to gains in the banking sector. United Gulf Bank surged 6.15% to BD0.380. Al Baraka Banking Group, a 100% Sharia-compliant bank, ended flat at $1.490. Al Baraka, one of the oldest regulated Islamic banks announced that it plans to expand to Saudi Arabia depending approval of the Saudi regulator. It also reached an MoU with the Islamic Corporation for the Development of the Private Sector.