The Bahrain Association of Banks (BAB) organized a gathering with various banking and financial institutions, the Ministry of Commerce and Industry, and representatives from entities such as SMEs Development Board, the Labour Fund “Tamkeen,” Export Bahrain, and the Bahrain Insurance Society. The purpose of this meeting was to explore collaborative approaches in enhancing financing methods for SMEs in Bahrain. Participants also discussed potential economic, banking, and developmental opportunities, aiming to establish strategic partnerships between Bahraini banks and organizations dedicated to supporting and nurturing SMEs.
This meeting was part of the strategic efforts undertaken by Bahraini banks, positioning them as crucial partners in financing (SMEs) in alignment with the Kingdom of Bahrain’s 2022-2026 strategy for developing the financial services sector. It also adhered to the directives and circulars issued by the Central Bank of Bahrain, following the national guidelines aimed at establishing necessary frameworks. These frameworks ensure the growth and sustainability of these institutions, augment their role in job creation, and contribute significantly to the overall national economic development.
At the meeting, Dr. Waheed Al Qassim, the CEO of BAB, outlined the organization’s vision. This vision emphasized enhancing sustainable financing options for SMEs, offering technical support, and providing financial assistance to innovative projects that create a competitive edge and add value. These initiatives are designed to strengthen partnerships between Bahraini banks and leverage their financial solutions to support emerging institutions, thereby enhancing the economic development of the Kingdom.
Dr. Al Qassim emphasized the importance of aligning government actions with the Bahrain Association of Banks’ initiatives in supporting SMEs. This alignment involves simplifying the financing processes for these enterprises and bolstering their capacity to boost commercial activities in Bahrain. He underscored that strengthening collaboration between government bodies and financial institutions is pivotal in realizing the association’s primary objectives, in harmony with the strategy aimed at advancing the financial services sector.
In response, representatives from government entities participating in the meeting affirmed their commitment to supporting the Bahrain Association of Banks’ endeavors in accordance with national priorities. These efforts are geared towards establishing the Kingdom of Bahrain as a prominent hub for startups and small and medium enterprises. This involves creating an environment conducive to their growth and success by streamlining establishment procedures and providing a regulatory framework that encourages entrepreneurship and innovation across various sectors, thereby propelling the national economy forward.
