Bahrain enters new phase of growth says BAB Chairman

Bahrain - The various economic and financial growth indicators provide compelling evidence that Bahrain's economy has made a remarkable recovery from the pandemic and has now entered a phase of sustainable growth, according to Mr. Adnan Ahmed Yousif, Chairman of the Board of Directors of Bahrain Association of Banks (BAB).

Addressing BAB's Ordinary General Assembly meeting, Adnan emphasised the importance of BAB and the banking sector in supporting the country's sustainable growth, given the compelling evidence provided by various economic and financial growth indicators.

He further stated that the association has been proactively reviewing its priorities and work programmes, in preparation for developing initiatives and activities aimed at driving continued growth and development of the financial sector, and supporting the overall economic recovery of the nation.

BAB has been actively engaging with relevant ministers to discuss economic projects and the role of banks in financing them, in collaboration with partners such as the Central Bank of Bahrain, Economic Development Board, and others, he said.

He pointed out the success of the association in achieving important milestones in the past year, which was made possible by the concerted efforts of the board members, the BAB’s team, member banks, and the support of the Central Bank of Bahrain.

Adnan highlighted that BAB’s efforts in the past year, as well as early this year, were primarily focused on implementing the partnership with the Central Bank of Bahrain and the government to execute the financial sector development strategy and the recovery and sustainability program for the next four years. He expressed his confidence in the BAB’s ability to continue making substantial progress in achieving these goals.

Adnan also cited some of BAB's recent initiatives, including increasing financing for SMEs, easing financing restrictions, launching an interbank training programme for fresh graduates, and promoting fraud awareness campaigns.

The association's priority is to collaborate with the Central Bank of Bahrain, especially in emerging legislation relevant to the banking industry, and the successful implementation of various projects and forums.

BAB's efforts to prioritise committee empowerment, conduct awareness campaigns on financial fraud prevention measures, and participate in multiple external events, demonstrate its commitment to playing a fundamental role in sustaining the Kingdom's growth, progress, and prosperity.

The assembly also organised an open meeting with the participation of the Governor of the Central Bank of Bahrain and representatives of banks and discussed several important issues of interest to banks at the present time. 





Share this page Share on FacebookShare on TwitterShare on Linkedin

Read our latest publication

'Bahrain-France Investor Guide' -
is YOUR guide to invest in Bahrain and in France. Click here to view the online guide