Bahrain Monetary Agency (BMA) has taken a major initiative to put in place 'foolproof' security systems at all commercial banks, currency exhange outlets and automatic-teller machines across the country, a senior BMA official said, writes Mehmood Rafique.
The BMA Deputy Governor Khalid Abdullah Al Bassam told the Tribune yesterday that following the recent burglary at Bahraini Saudi Bank’s Muharraq branch, the agency has issued various circulars to banks and financial institutions asking them to boost their security as a top priority.
The incident at BSB, in which an armed robber raided the bank’s branch in Muharraq and made off with BD65,000 in cash, has prompted BMA and banks to take immediate measures, stepping up security systems in banks around the clock. “Since that unfortunate incident we’ve convened various meetings with representatives of banks and are working with all these institutions to boost existing banking security systems in Bahrain.
“We’ve established a joint committee with an active participation of representatives of all commercial banks and financial institutions to discuss and devise comprehensive security systems in Bahrain. We’ve already discussed the matter with representatives of all commercial banks and now are in the process of contacting currency-exchange outlets and other financial institutions,” Al Bassam said, adding that the use of the latest technology and foolproof security systems would be adopted to make such institutions a safer place for the public.
Khalid Shaheen, BSB Chief Executive, told the Tribune that the bank was in the process of implementing a foolproof system at all branches of the institution when the incident of an armed robbery took place at one of its branches. “The armed robbery phenomenon is very new to Bahraini banks, and in the wake of recent robberies at Shamil Bank and HSBC, we convened an internal meeting on March 26 and appointed two security companies to carry out a detailed survey about our security needs.
“We received recommendations on April 6, and BSB was in the process of implementing those recommendations to boost security but we didn’t have enough time to do that. Security steps like bullet-proof glass, cameras, armed guards and other such pre-emptive steps are very new to Bahrain as we never had such problems. However, bearing in mind the situation, the bank is taking all possible measures to ensure the security system at all its branches,” the Chief Executive assured.
Shaheen said Al Bassam had also called a meeting of all commercial banks in March to discuss the same issue. “BSB is very much a part of the banking community in Bahrain, and the bank’s incident shouldn’t be seen in isolation as such incidents had happened before as well.”
Discussing the security system in Bahrain, he said that apart from the intruder-alarm system there was no other mandatory requirement.
But now, he continued, there are closed-circuit cameras and armed guards in many banks. “We’re working closely with BMA, and BSB will provide the best possible security services according to the highest standards.”
© Bahrain Tribune 2004
