Advanced phases of cooperation between BAB and CBB

Manama, Aug. 2 (BNA): The Bahrain Association of Banks (BAB) board of directors reviewed their collaboration with the Central Bank of Bahrain (CBB) through a meeting held by the board with members of the association and other leading figures in banks and financial institutions of Bahrain. The meeting has also carried out visuals of the members in terms of cooperation between BAB and CBB as a part of the association’s new strategy for representing their members in the presence of CBB’s officials. The cooperation process between BAB and CBB has reached advanced stages regarding the joint coordination, which aims to strengthen the functions of the banking sector in Bahrain and disposing all challenges the sector might confront, explained BAB’s Vice Chairman and Ithmar Bank CEO Mr. Ahmed Abdulraheem who chaired the meeting. During the meeting, Mr. Abdulraheem briefed BAB members about the general topics discussed with the Governor of CBB during the latest meeting that took place on June 2016 end, pointing out the Governor’s willingness of full cooperation with the association in all aspects, including the CBB’s future plans, strategies and the expected rules and regulations that are meant to reinforce the position of financial and banking institutes in Bahrain at both regional and international levels. In the same context, BAB board member and Ahli United Bank Executive Director, Adel El Labban, has stressed that these meetings arranged by the association as a new organisation, have a direct impact on the working process of the financial and banking sector, in addition to its effective role in bringing together different views of the member banks with CBB. The Bahrain Association of Banks CEO, Dr. Waheed Al Qassim, assured that BAB is continuing its efficient role in providing insights and suggestions that is meant to contribute to the progress of the banking sector, as well as supporting the government’s efforts in the comprehensive development in a framework of the partnership and the effective integration, furthermore, enhancing its part in serving its members of various licensed financial institutions in Bahrain through representing them and defending their interests, other than working closely with CBB for planning the banking policies in Bahrain and promoting the kingdom as an international financial centre.