‘BAB’ to hold open dialogue or banking institutions

Manama, Aug. 5 (BNA): Bahrain Association of banks (BAB) is holding its first open dialogue with its members, non-members and partners of the Association on October 8. This meeting will particularly address mechanisms to enhance the BAB's role as an effective representative for the banking institutions with the Central Bank of Bahrain (CBB) in the context of their common objective of strengthen the leadership of the financial and banking sector in Bahrain as it has been for the past 50 years. The dialogue will also provide an opportunity for banking institutions to meet with the CBB, Economic Development Board (EDB) and BCCI, which will brief these institutions on the most important efforts and achievements in favor of strengthening the Bahrain Financial Center and its joint ambitions. Adnan Ahmed Yousif, Chairman of the Association, said that this meeting comes within the framework of the association's keenness to open and expand new channels for communication with banks in the Kingdom of Bahrain and informing them with the programs, initiatives, and achievements of the Association and listening to their views with regards to developing the performance of the Association and matters it should adopt.  The Chairmaninvite all banking institutions in Bahrain to attend this meeting to exchange ideas and opinions about the opportunities and challenges facing the financial and banking sector as a whole, especially in light of current developments and challenges. Adnan thanked the Central Bank of Bahrain and the Economic Development Board for their intentions to participate in this meeting, which confirms their continued support to the Association and the banking industry in Bahrain. Dr. Waheed Al Qassim, CEO of BAB said for his part: “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 discuss ways to support the efforts to increase 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, increasing the efficiency of Bahrainis working in it, attracting more Bahraini talented and employs. Further strengthen its leadership of the Bahrain financial and banking sector to serve as a model for the region as a whole. Dr. Al Qassim stated: “This dialogue provides a platform for discussion on 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 expert trained that occupy more than 90% of the cadres of financial and banking institutions in Bahrain”. He praised the keenness of the Bahrain banking industry’s leaders to cooperate with the Association to develop its performance and to promote the leadership of this sector as it has always been for the past 50 years.