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The Bahrain Association of Banks (BAB) held its Annual General Meeting (AGM) at the Rotana Hall, Ritz-Carlton Hotel on 30 March, 2015 where Mr. Abdul Razak Al Qassim, BAB's Chairman presented the Association's Annual Report and Audited Financial Statements for 2014 which outlined all of the Association's activities over the past year and its vision for the future.
"The year 2014 proved to be relatively better for the retail banking sector with most banks reporting good results. Furthermore, the consolidation of banks through mergers and acquisitions continued which should result in stronger and better capitalised financial institutions in the Kingdom," said Mr. Al Qassim.
At the meeting members of the Association reviewed BAB's strategic plan which was initiated by both the Board and KPMG Fakhro to enhance the role of the Association and realise the vision to enable member banks of all types to engage effectively with the relevant governmental bodies and agencies that deal with the banking sector. In addition BAB aims to generate research that supports innovation and growth and to promote awareness of the importance of the financial services sector to the Bahraini economy by expanding its activities both regionally and globally in order to enhance the visibility and the contribution of this vital sector to the national economy.
Members requested that the Association should play a greater role - on behalf of the conventional and Islamic banks and others - when negotiating and coordinating with the regulatory authorities in order to alleviate the consequences of laws and regulations that are imposed on the sector which could have a negative impact on profitability and the long-term sustainability of the banking sector in the Kingdom.
The Board and AGM members unanimously accepted and adopted the financial report prepared by the external auditor, KPMG Fakhro and confirmed its appointment for the coming year. The members of the General Assembly also elected the Board of Directors for the next two years (2015-2017). The Board consists of: Mr. Abdul Razak Al Qassim, CEO, National Bank of Bahrain; Dr. Farid Al Mulla, CEO, Oasis Capital; Mr. Adnan Ahmed Yousif, CEO, Al Baraka Banking Group; Mr. Adel El-Labban, CEO and Managing Director, Ahli United Bank; Dr. Khaled Kawan, Group CEO, Arab Banking Corporation; Mr. Hassan Jarrar, CEO of Standard Chartered Bank Bahrain; Mr. Talal Al Zain, CEO, PineBridge Middle East; Mr. Khalil Nooruddin, Co-Founder and Director, Capital Knowledge and Mr. Ahmed Abdul Rahim, CEO, Ithmaar Bank.
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BAB, established by a Ministerial decree in 1979, brings together almost over 60 banking institutions of all sizes and charters in the Kingdom of Bahrain and works towards enhancing Bahrain's image as the financial hub of the Middle East. BAB's mission is to serve its members by representing and advocating the interests of the Kingdom's banks and showcasing them as pre-eminent providers of financial services in the region. Working closely with the Central Bank of Bahrain, BAB assists it with formulating banking policy and regulation.
For further information please contact
Mayan Ghaith
PR & Events Officer
Telephone: (+973)1782 3005
Email: events@banksbahrain.org
© Press Release 2015
