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Bahrain set to mark 100 years of banking sector

Preparations are in full swing to hold a ceremony celebrating the centenary of Bahrain’s banking industry.

The event will be held in December under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, said Bahrain Association of Banks (BAB) chairman and Al Baraka chief executive Adnan Youssef.

He paid tribute to His Majesty King Hamad for his support, stressing the crucial role of the Central Bank of Bahrain in developing the sector, including Islamic banking.

Mr Youssef made the statement on the sidelines of a meeting between the association and chief executives and general managers to discuss preparations for the centennial celebration.

He said the banking sector contributes around 17 per cent to the gross domestic product (GDP), which makes it the largest non-oil sector.

Citing latest statistics, he said the sector employs more than 14,000 people, achieving a Bahrainisation rate of 66pc of the overall workforce.

BAB chief executive Dr Waheed Al Qassim announced that a reception ceremony marking the centenary would be held on the sidelines of the annual meetings of the World Bank and International Monetary Fund in October in Washington to highlight investment opportunities in Bahrain and reveal advanced banking and financial services.

BBK CEO Riyadh Sater paid tribute to the Premier for his pioneering role in laying the foundations of the banking and financial industry to ensure diversified and sustainable economic development.

Khaleej Commercial Bank CEO Sattam Suleiman Al Gosaibi extended thanks to the Premier, expressing optimism on the future of the national economy.

SICO chief Najla Al Shirawi paid homage to the Premier, the architect of the banking and financial industry, which energised Bahrain’s national economy.

“Bahrain is now home to 385 banking and financial institutions from all over the world,” she said, stressing the strong performance of the sector in Bahrain.



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