The Bahrain Association of Banks (BAB) convened its Ordinary General Assembly, during which the assembled members endorsed the meeting agenda. Representatives from financial and banking institutions in attendance also ratified the Board of Directors’ report for the fiscal year 2023, along with the Association’s financial statements for the same period.
Moreover, they listened to the auditor’s report for 2023 and appointed an auditor for 2024 and reiterated their backing for the Association’s Board of Directors in their endeavors to realize the Association’s objectives, which include advocating for the financial and banking sector entities and supporting national initiatives aimed at advancing Bahrain’s banking industry and fostering its growth.
The Chairman of the Association, Mr. Adnan Yousef, presented a comprehensive overview of the initiatives and projects implemented by the Bahrain Association of Banks throughout the year 2023, and said: “Throughout 2023, the Bahrain Association of Banks played a pivotal role as a strategic collaborator in executing the Sustainable Development Plan 2022-2026 and the financial services sector development strategy. These efforts materialized through collaborative initiatives with banks aimed at boosting their GDP contribution, fostering innovative training schemes, and surmounting barriers to amplify financing for small enterprises. Additionally, strides were made in fortifying cybersecurity measures and fostering an open banking ecosystem, and sustainable development initiatives were rolled out to bolster banking inclusivity, promote sustainable practices, and cultivate an environment conducive to the sustainable growth and development of sector institutions.”
During the meeting, Mr. Yousef elaborated on the Association’s ongoing collaboration with various stakeholders throughout 2023 to advance its strategic goals. Notable partners included the Central Bank of Bahrain, the Economic Development Board, the Bahrain Chamber of Commerce and Industry, and the Ministry of Justice.
Mr. Yousef underscored the Association’s continuous endeavors to raise awareness, its dedication to philanthropy and community involvement, and its hosting of diverse events such as World Banking Day commemorations, the launch of the “Digital Transformation Award in the Banking Sector,” and the annual banking dialogue forum.
Furthermore, Mr. Yousef highlighted collaborative initiatives with the Ministry of Finance, and Central Bank involving crafting financing strategies for significant government projects and initiating discussions with the Supreme Council for the Environment on banks’ contributions to executing the national carbon neutrality plan and promoting environmentally friendly initiatives.
CEO of the Association, Dr. Waheed Al Qassim, lauded the remarkable accomplishments of the Bahrain Association of Banks throughout 2023, emphasizing its role as a unifying force for all financial and banking institutions in the Kingdom of Bahrain, and commended the ambitious strategy devised by the Association’s Board of Directors, highlighting the executive team’s ability to translate it into impactful initiatives and projects while enhancing performance and ensuring the sustainability of achievements.
Dr. Al Qassim also noted the continued progress towards realizing the strategy for developing the financial services sector from 2022 to 2026, and expressed his pride in convening this meeting, reflecting on a distinguished banking career marked by significant milestones and notable achievements that have elevated the Kingdom’s stature among the world’s leading banking and financial hubs.
Furthermore, Dr. Al Qassim emphasized the pivotal role of the banking industry in fostering sustainable development and economic diversification right from its inception, nurturing a talented pool of skilled human resources. Currently, the banking sector holds the distinction of being the primary contributor to the GDP, constituting 18% of it, and serves as the leading employer for Bahrainis within the private sector, offering employment opportunities to over 14,000 individuals.
