BAB launches "code of conduct"

Manama, Apr. 23 (BNA): Bahrain Association of Banks (BAB) held "Sustainable Finance Forum" in cooperation with the United Nations Development Programme in Bahrain (UNDP), the Central Bank of Bahrain and the Economic Development Board represented by Sustainability & Social Responsibility Committee. The high-level conference, featuring business leaders and policy makers, addressed key regulatory that banks and financial institutions should follow in order to achieve sustainable development objectives, for the aim of boosting Bahrain’s sustainable finance. Adnan Yousif, Chairman of BAB, noted that Bahraini banks direction towards achieving SDGs reinforces the leadership of this sector that has always been the first to back the national economy and the development process. It is demanding further development and reform and adopts the principles of sustainability to contribute to long-term growth in the coming period. Chairman of BAB stated that the support of financial institutions for the process of transition towards "sustainable development" aims to search for new sectors to achieve growth and profitability through applying SDGs principles, praising the cooperation between the association and UNDP.  Dr. Waheed Al Qassim CEO of BAB stressed the association initiated to obligate banks in Bahrain to implement SDGs at the local, regional and global levels.  "The concept of banking sustainability ensures that banks achieve their objectives and achieve financial coverage, which improves economic growth rates as well as maintaining the integrity of the banking sector and enhance its performance in various respects." Said CEO of BAB "The association would write draft of "charter of Honor" and submit it to its members and all relevant parties to be adopted and applied. I do not think we need legislation that obliges us to do so, but we need to take the initiative ourselves as an expression of our voluntary commitment to our responsibility towards society and the Kingdom." Said CEO of BAB Yousif Hasan, Director of Retail Banking Supervision at Central Bank of Bahrain, noted that CBB support the initiative of "Charter of Honor" and its obligation to enhance its cooperation with BAB to move forward with this initiative. Dr. Ali Ibrahim, Head of Sustainability & Social Responsibility, Al Baraka Banking Group Chairman, Sustainable Development Committee of BAB, stressed that all government agencies and relevant institutions to support national efforts to implement a sustainable development plan at the national economy level. Dr. Ali added, "International organizations have set principles to evaluate banks' performance and more sustainable operations in emerging markets according to several criteria, including back individuals' needs through appropriate banking services, funding sustainability projects within their priorities and applying banks' long-term policies that enhance their ability to deal with external crises." Participants of the forum stressed that applying SDGs would reduce operational risks and achieve indirect profits and raise the value of the brand and create promising opportunities for the development of its business. They noted that applying sustainable development within banks contributes to reduce credit risks and protecting them from bankruptcy and global financial implications.  Furthermore, they stressed that Sustainable development financing requires the banking sector to create opportunities rather than avoid risks. Its primary role is to finance projects that ensure the interests of all parties, depositors, borrowers and the economy as a whole, without harming the environment. "Sustainable Finance Forum" included two sessions; the first session discussed "Why private sector and the banks should be interested in sustainable finance, what is the business case for sustainable finance?". Panelists are Jaques Michel – CEO, Corporate & Institutional Banking MEA, BNP Paribas , Melika Betley – CEO, HSBC Bank, Bahrain , Michael Sheren (video) - Senior Adviser, Bank of England; Co-Chair, G20 Taskforce on Green Finance , Peter Lacy (video) - Senior Managing Director, Accenture Growth, Strategy & Sustainability.  Whereas the second session discussed "How the policy makers & regulators should facilitate sustainable finance, what should be their role." Panelists are : Amin Sharkawi United Nations Resident Coordinator, UNDP Resident Representative in Bahrain, Jarmo Kotilaine Chief Economist Market & Strategy Intelligence Bahrain Economic Development Board, Michael Sheren (video) Senior Adviser, Bank of England Co-Chair of G20 Taskforce on Green Finance and Yousif Hassan Director of Retail Banking Supervision at Central Bank of Bahrain. Both sessions were moderated by Dr. Ali Ibrahim Head of Sustainability & Social Responsibility, Al Baraka Banking Group Chairman, Sustainable Development Committee of BAB.