Manama, Aug. 5: October 8, 2018, is sealed as the date when Bahrain Association of Banks (BAB) will hold its first open dialogue with its members, non-members, and partners of its Association.
Particularly meant to address mechanisms to enhance the BAB’s role as an effective representative for banking institutions with the Central Bank of Bahrain (CBB), it is in the context of their common objective to strengthen the leadership of the financial and banking sector in the Kingdom, as it has been for the past 50 years.
The dialogue would open doors of opportunities for the banking institutions to meet with the CBB, Economic Development Board (EDB) and BCCI, which will brief them on the crucial efforts and achievements in favor of strengthening the Bahrain Financial Center and its joint ambitions.
Chairman of the Association, Adnan Ahmed Yousif, mentioned the meeting comes within the framework of the association’s keenness, where the main aim is to open and expand new channels for communication with banks in the Kingdom of Bahrain. Informing the banks with programmes, initiatives, and achievements of the Association, it should also listen to their views with regards to developing the performance of the association and matters they should adopt.
The Chairman invited all the banking institutions in Bahrain to attend the meeting to exchange ideas and opinions, in regards to the opportunities and challenges facing the financial and banking sector as a whole, especially in the light of current developments and challenges.
Thanking the Central Bank of Bahrain and the Economic Development Board for their intentions in participating in this meeting, Adnan confirmed their continued support to the Association and the Banking Industry in Bahrain.
CEO of BAB, Dr.Waheed Al Qassim said: “Our objective is to strengthen the role of BAB as a platform that brings together all of us to exchange experiences and expertise, and discuss the specific needs of the banking sector in terms of capacity building, training, and researches, and to enhance BAB’s ability to meet the aspirations of its members.”
Dr. Al Qassim pointed out that the forum will also highlight ways to support the efforts for increasing the contribution of the financial and banking sector to the GDP, thus enhancing its position as one of the most important economic sectors in Bahrain, by increasing the efficiency of Bahrainis working in it, and attracting a larger percentage of Bahraini talents. Further, strengthening the leadership of the Bahrain financial and banking sector would serve as a model for the whole region.
Dr. Al Qassim stated: “This dialogue provides a platform for discussing various issues that will explore the opportunities and challenges facing the financial and banking sector in the Kingdom of Bahrain, and to exchange ideas on how to build on the achievements of this sector including the significant progress in the field of banking legislation, the advanced experience of Islamic banking, and the availability of local competencies and the expert trained to occupy more than 90% of the cadres of financial and banking institutions in Bahrain.”
CEO of BAB praised the keenness of the banking industry’s leaders to cooperate with the Association to develop its performance and promote the leadership of this sector as it has always been for the past 50 years.