The Bahrain Association of Banks (BAB) has has announced that it has become a member of the Islamic Banking Committee, recently established by the Union of Arab Banks, marking another step toward deeper institutional collaboration across the Islamic banking sector.

The Committee aims to strengthen co-ordination among Islamic banks, promote the adoption of leading banking and Sharia practices, and support the development of regulatory frameworks and professional standards for this strategically important industry.

BAB is represented on the committee by Dr Abdulnasser Al Mahmoud, the Head of the Islamic Banking and Sharia Standards Committee at the Association, and Dr Hamad Al Shaikh,Vice Head of the same committee.

Through its participation, the Association contributes to the work of the Islamic Banking Committee by engaging in discussions on common challenges facing Islamic banks and by putting forward practical proposals that support sustainability, sound governance and Sharia compliance, said a statement from BAB. 

This role also extends to encouraging innovation in Islamic banking products and services in line with evolving economic and technological developments across the region, it stated.

On the key initiative, Zeeba Askar, the Chief Executive of BAB, said: "The Association’s membership in the Islamic Banking Committee underscores Bahrain’s established leadership in the Islamic banking industry and is fully aligned with our institutional role in representing the Bahraini banking sector and sharing its accumulated expertise in this field."

"As a recognised regional centre for Islamic finance and home to several internationally active Islamic financial institutions, Bahrain is well positioned to contribute constructively to this platform. Through BAB’s participation, we remain focused on

supporting the development of Arab Islamic banks and strengthening co-operation and integration among banking institutions across the Arab region," she stated.

Dr. Wissam H. Fattouh, Secretary General of the Union of Arab Banks, said: "BAB's membership in the Islamic Banking Committee is a significant addition to the committee’s work, reflecting Bahrain’s long-standing experience and recognised leadership in Islamic banking and finance, both regionally and internationally."

The Union, he stated, is moving forward with the Committee as a dedicated institutional platform to support the sector’s evolving needs, advance its development and strengthen its talent base in line with leading international standards. 

"The Committee will also develop specialised academic content leading to internationally accredited professional certifications, aimed at training experts in Islamic banking and finance," he added.-TradeArabia News Service