Monday 24 June 2019

BAB holds general assembly meeting

MANAMA, March 19, 2019

The Bahrain Association of Banks (BAB) held its regular General Assembly Meeting in which members approved the agenda, financial statements and the Board of Directors' report for 2018.

Adnan Ahmed Yousif, chairman of BAB, started the meeting by stressing that BAB has made great strides in achieving its objectives, thanks to the efforts of its members and team.

“The year 2018 has been a year of achievements for BAB, where we have been able to provide more institutional dimension and fruitful partnership with our various partners. At the same time, we have strengthened our efforts to serve our members and the banking industry as a whole. Thus, our role has emerged prominently, which has enhanced the confidence in our mission and role,” he said.

“We recognize that the banking industry in the Kingdom of Bahrain, and by virtue of its leading position regionally and globally, is moving rapidly forward, led by the Central Bank of Bahrain, to maintain its global professional standards.

“Therefore, the industry is witnessing major challenges such as the development of sustainable financing products, the new international regulatory legislation, digitalization and financial technology, serving its communities and providing more jobs for citizens, while at the same time satisfying its shareholders, customers, employees and all its stakeholders,” he added.

Yousif pointed out that BAB has embarked on a well-defined business plan to mobilize the resources and expertise of its members, who are considered key players in development and society.

“Our strategic focus has been on how to achieve synergy between the banking industry in its various orientations and services and the ambitious economic development programs planed by our wise political leadership. We have been very successful in achieving this goal through our initiatives and activities during the past year,” he said.

Yousif spoke about the future aspirations of the Association “We look forward with confidence to 2019, as Bahrain's economy is moving towards improvement and fiscal balance, which will be reflected positively on all levels, especially our banking industry, which is a key player in sustainable development.

“In addition to implementing initiatives we have planned in the 2019 business plan, including organizing many events, the open dialogue for the second time, and the IMF reception, we will focus on the special preparation of the big celebration that we will be organizing on the occasion of the 100th anniversary of the establishment of banks in Bahrain at the end of the year. This event will include a number of expressive activities that will rise to the level of our regional and global banking industry excellent position and will be a milestone in our growing march.”

Melika Betley, HSBC's new CEO in Bahrain, noted the great achievements made by the Association over the past year. She noted that the Association has already re-established its position as a supporter for all financial and banking institutions in Bahrain.

CEO of BENEFIT, Abdul Wahid Janahi stressed that banks and other financial institution could benefit from the membership with BAB. He added: “At BENEFIT, we invest our membership with the Association in achieving many objectives, including the permanent meeting with our partners from banks and financial institutions to consult them in concerns with the development of products and initiatives to meet our goals."

Mohamed Ali Malik, deputy chief executive Retail Banking Group in BBK pointed out the importance of Joining BAB for all banks and financial institutions in Bahrain, which allows them to benefit from their membership on the one hand, and to strengthen the Association position as representative of the financial and banking sector in Bahrain on the other hand.

Khaleeji Commercial Bank deputy general manager of Support Services Mahdi Abdulnabi called for further development of initiatives and launching them due to benefit all members of the Association and strengthens BAB’s support for all financial and banking institutions in Bahrain.

He praised the ambitious strategy set by BAB’s Board of Directors that enables the improvement of its performance and sustainable achievements. – TradeArabia News Service


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