BAB held its regular General Assembly Meeting in which members approved the agenda, financial statements and the Board of Directors' report for 2017. 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.

He pointed out that many initiatives have been implemented within the strategies of BAB with regard to the establishment of standing committees, the consultative council, which carried out various tasks such as PEPOR, Islamic banking, product development, human resources, information technology, social responsibility, international standards and others.

“We have also expanded our efforts to build more proactive relationships with the relevant official bodies, especially the Central Bank of Bahrain, and have organized several joint meetings and activities with the Bank that address key issues related to the banking sector,” he said.

In this regard, he also referred to successful cooperation with the Economic Development Board to explore new achievements and programs, and fruitful discussions with minister of justice to establish a committee to explore areas of cooperation, with regard to specialized financial courts, bankruptcy law and other legislation related to the banking and financial sector.

Adnan added that BAB organized and participated in many local, regional and international events and conferences, which added a value to its achievements.

He said BAB is currently moving forward on its work to expand the membership base through extending bridges of communication and coordination with all government and private sectors. In addition to enhancing the role of banks in the service of society and social responsibility, encouraging them to adopt the best global practices and activating the standing committees in the association.

He concluded by stressing the keenness of Bahrain Central Bank to support BAB and banking sector in Bahrain due to it successful role at all levels.

Abdul-Hakim Al-Mutawa, Ithmaar deputy chief executive, noted the great achievements made by the association over the past three years. He said the association has already re-established its position as a supporter for all financial and banking institutions in the Kingdom of Bahrain. He praised the ambitious strategy set by BAB’s Board of Directors that enables the improvement of its performance and sustainable achievements.

Al-Mutawa 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.

On his part, 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."

He 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 the Kingdom of Bahrain. — SG