Manama, January 08, 2014: The Bahrain Association of Banks (BAB) in conjunction with Bahrain Polytechnic has produced an essential guide to the retail banking industry in Bahrain. The Handbook of Retail Banking takes a look at the sector from its origins in the 1920s to services currently offered and what the future holds as fast-moving technology changes the way that banks operate.

In the joint-collaboration, three final semester business degree students, Salman AlZaquawi, Fatema Al Sabah and Maryam Hussain, along with the BAB editorial team have researched, written, produced and published the handbook which will be available in both English and Arabic. The handbook is sponsored by the National Bank of Bahrain (NBB).

The handbook takes a practical look at retail banking services and products including basic current accounts, savings products, mortgages and credit cards that are offered by both conventional and Islamic banks in Bahrain. It also looks "behind the scenes" at retail banking operations with a focus on the role of the Central Bank of Bahrain (CBB) and The Benefit Company - the local switch in the Kingdom of Bahrain which handles ATM and POS transactions among other services.

The aim of the Handbook is to be a helpful, accessible tool for people who want to learn about the basics of finance and beyond. As such it should be an educational tool to improve the financial literacy of young people in Bahrain and help them understand both the benefits and risks associated with financial services and products. It should also provide a foundation for people who might consider a career in the financial services industry in Bahrain which employs over 14,000 people and makes up almost 17 percent of the Kingdom's GDP.

"It was fortuitous that BAB attended a presentation by principals of the Bahrain Polytechnic who discussed how the senior students could contribute to an organisation undertaking a project for an industry required for graduation. The Association was considering the production of a new Handbook in a continuing series, discussed the project in detail with Ms. Emma Salari and her team which included project supervisor Ms. Wafa Salman and signed an agreement to move forward," said Robert Ainey, the Chief Executive of the BAB.

Dr. Mohamed Al-Aseeri, Acting Chief Executive of Bahrain Polytechnic described the joint-venture as "a fantastic opportunity for our students to gain a real, hands-on experience with a high profile company." 

"Partnering with the Bahrain Association of Banks availed numerous avenues for our students to enter the world of banking from a practical angle.  Producing an informative Handbook on Retail Banking in Bahrain was a great end-point to the years of study within Bahrain Polytechnic. BAB was extremely supportive and provided valuable mentorship in the students' journey. This was indeed a commendable start to their future careers," said Dr. Al-Aseeri.

"As always, we ensure that our students graduate from the Polytechnic with work-ready qualities and practical experience. Our goals to enhance the educational standard in Bahrain come under Bahrain's Government 2011-2014 work plan and Bahrain's 2030 Vision." he concluded.

"The students on the project were impressive for their maturity and knowledge in their first meeting with BAB and worked diligently on the project. The result that they presented during the final review was professional and will form the basis for the final published Handbook of Retail Banking. Based on the success of that project, BAB and the Bahrain Polytechnic are discussing future projects to deepen our collaboration," added Mr. Ainey.

The Handbook of Retail Banking will be available in February 2014.

Attached photograph showing BAB staff and Bahrain Polytechnic students and supervisors at the final presentation of the Handbook of Retail Banking.

About the Bahrain Association of Banks (BAB)
BAB, established by a Ministerial decree in 1979, brings together almost 80 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 Gaith,
PR & Events Coordinator
Telephone: (+973)1782 3005 ;
Email: events@banksbahrain.org

© Press Release 2014