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Advertisers Bank of Bahrain and Kuwait B.S.C.
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The Bankers’ Society of Bahrain
Established in 1979 by ministerial decree, the Bankers’ Society of Bahrain is a professional association of banks in Bahrain. There are approximately 100 member banks in the Society.
“The Banking Society of Bahrain includes all financial services and institutions, with the various licenses that are given by the Bahrain Monetary Agency,” said Murad Ali Murad, Chairman of the Society, and General Manager of the Bank of Bahrain and Kuwait. “We have a membership of almost 200 -- this includes commercial banks, offshore banks, investment banks, representative offices, moneychangers, money brokers, as well as a new sector in the market, Islamic banking.”
The Society represents the interests of all the various licensed financial institutions in Bahrain and works closely with the Bahrain Monetary Agency on issues of banking policy and regulation, as well as actively promoting Bahrain as an international financial center. Sub-committees are also established to participate in projects or to study issues relating to the bank sector.
“We have joint consultative meetings with the Bahrain Monetary Agency where we discuss various aspects of banking,” said Murad. “The Bahrain Monetary Agency uses the Bankers Society also to get feedback on new laws that relate to banking and new rules that relate to financial business. One such law that was brought to the attention of the Bankers Society for feedback was a law regarding of money laundering, which was important to the country as well as the banking community.”
“If there are changes in the various circulars that are issues of the BMA, they are brought to the attention of our society for distribution to the banking community,” said Murad.
Guidance and assistance are provided to member banks on a day-to-day basis, and the Society provides a forum for members to meet and discuss matters of interest to the banking community. Various functions or professional seminars are also hosted throughout the year.
‘The fact that we have this excellent selection of international financial institutions operating out of Bahrain, which has been there for the last 25 years, talks well of how we are working together,” said Murad.
The Society also supports and encourages the provision of professional training and development facilities for the banking sector, and has played a major role in the success of the Bahrain Institute of Banking and Finance.
An elected Executive committee of 12 Chief Executives/General Manager from various licensed financial institutions (commercial, offshore, and investment banks, and special licenses, representative offices) is the highest executive authority of the Society.
“One thing that is very important for this center, and us at the Bankers Society, is that we are very proud of is the fact that Bahrain has been updating the various regulatory requirements for a financial center such as Bahrain, and they have applied international standards – whether for risks, accounting treatments, various capital adequacy and other ratios, all these give a lot of credit, and favorable image to Bahrain as a financial center that carries an important role not only to Bahrain and the region, but also as an international center,” noted Murad.
It is this unique spirit of cooperation, which exists between the Bankers’ Society members and the Bahrain Monetary Agency, that Murad says has been a contributory factor in the expansion of banking in Bahrain and its establishment as a major leading international financial center, which is looking forward with confidence to the challenges of the 21st century.
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Table of Contents The Al Khalifa Dynasty - Ruling Bahrain Since 1783 |
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