The Board of Directors of the Bahrain Association of Banks (BAB) convened its fourth periodic meeting for the year 2023, chaired by Mr. Adnan Yousef, the Board’s Chairman.
Mr. Adnan Yousef addressed several topics, notably providing an overview of the discussion held with His Excellency Mr. Nawaf bin Mohammed Al Maawda, Justice, Islamic Affairs and Endowments Minister. Conversations during this meeting revolved around crucial areas such as improving litigation and enforcement procedures related to financial and banking transactions. Additionally, there was a focus on integrating modern technology into the justice sector, promoting training programs on new laws and their executive regulations, and the imperative to stay informed about ongoing legislative developments.
The primary objective of these discussions was to strengthen the effective implementation of laws and ensure their optimal achievement of objectives. Moreover, attention extended to judicial development, with the aim of enhancing the growth of the financial services sector. Recognized as a vital contributor to attracting investment, this sector plays a pivotal role in stimulating various economic sectors.
During the meeting, the Board of Directors received a presentation from the Head of the Digitization Committee and the Head of the Cybersecurity Committee within the Association. The presentation covered the latest advancements in the activities of both committees, including discussed topics, completed projects, and upcoming initiatives. This falls within the framework of the Association’s strategy, specifically focusing on enhancing cybersecurity and fostering awareness in this critical domain among financial and banking institutions, as well as their customers. Collaboration with relevant authorities in the Kingdom is integral to these efforts.
Mr. Adnan, underscored BAB’s commitment to continually evolve its strategic objectives and operational methods in alignment with the evolving landscape of the banking and financial industry in Bahrain, the region, and globally. He emphasized the Board’s dedication to strengthening the role of banks in implementing high-impact initiatives as part of the broader development strategy for the financial services sector outlined by the Central Bank of Bahrain for the years 2022-2026. Furthermore, he expressed his appreciation for the contributions of all Board members, the Chief Executive Officer, and the Heads and members of the Association’s committees and staff in realizing these ambitious objectives.
Mr. Adnan emphasized that the evolution of the association’s tasks and operations is rooted in the significance of the Bahraini banking sector as a crucial driver of the national economy. This development aligns with the pivotal role played by banks in providing financing for both companies and individuals, fostering business expansion, and bolstering the country’s investment environment. Additionally, banks play a key role in streamlining financial transactions and offering innovative banking solutions tailored to the needs of citizens and residents, aiding them in achieving their financial objectives.
Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, underscored the commitment of the executive body to operate within the parameters set by the Board of Directors. This involves launching diverse initiatives aligned with national programs and plans, embracing best practices within the association’s scope of work, and fostering collaboration with various partners, both domestically and internationally.
Dr. Al Qassim highlighted the pivotal role of the Bahrain Association of Banks in fortifying the robust reputation of Bahraini banks on regional and international fronts. These banks are positioned as a preferred destination for companies and investors worldwide, particularly due to their adherence to high professional standards and compliance with international banking laws and regulations. This commitment ensures confidence and transparency in banking operations, contributes to financial stability, attracts investments, and stimulates growth within the financial services sector.