Finance & Capital Market

BAB highlights role of banks in supporting recovery plan

The Board of the Bahrain Association of Banks (BAB) discussed the pivotal role of Bahrain’s banks in implementing the initiatives of the Financial Services Sector Development Strategy (2022-2026) and the Economic Recovery Plan. 
The board held its regular meeting under the chairmanship of Mr Adnan Yousif at SICO's headquarters. It also discussed the upcoming events and activities of the association and its strategies to enhance Bahrain's banking and financial standing.
The meeting began with the introduction of two new Board members -- Yaser Alsharifi, Chief Executive Officer of BisB, and Abdulla Talib, Chief Executive Officer of Ithmaar Bank. They replace the two former members Hassan Jarrar and Ahmed Abdul Rahim, who were thanked for their significant contribution to the association.
The BAB Board of Directors elected Najla Al-Shirawi to the position of Vice Chairman. She succeeds Ahmed Abdul Rahim and will serve for the remaining term, until March 2024. 
Yousif noted that the Board is keen to enhance the role that the association and the financial institutions play in assisting with the initiatives launched by the government and the CBB concerning the economic recovery plan – and the strategy for developing the financial services sector. 
The board recently met with several ministers and officials to discuss the implementation of government development projects and increasing the role of banks in financing these projects. 
During the meeting, the formation of a special committee made up of board members was agreed upon. The committee will focus on cybersecurity, implementation of awareness campaigns against banking fraud methods and develop cybersecurity initiatives.
Dr Waheed Al Qassim, CEO of BAB, said: “We appreciate the significant support the board provides to the many programmes and initiatives of the association. BAB will continue to coordinate with the CBB concerning the implementation of strategies to develop the financial services sector. The association is currently developing its plan for next year in line with the government's directives for economic recovery.” - TradeArabia News Service