MANAMA: The Kingdom of Bahrain, a pioneering conventional and Islamic banking hub in the region, is set to celebrate 100 years of banking in December this year.
Under the patronage of the His Royal Highness Prince Khalifa bin Salman Al Khalifa, the Prime Minister, the 100 years celebrations will be held on December 11th will be reflective of Bahrain’s leading position in the banking and finance sector.
This was announced during a Press conference addressed by Rasheed Al Maraj, Governor Central Bank of Bahrain and Adnan Yousif, Chairman Bahrain Association of Banks (BAB), and was attended by the member banks of BAB and CBB officials.
“The Kingdom of Bahrain, being the pioneer in conventional and Islamic banking in the region, needs to assert its position by remains competitive, innovative and trend setter in the regional banking industry, Adnan Yousif Chairman BAB on the sidelines of the BAB meeting told The24X7News Bahrain (www.twentyfoursevennews.com).
Mr Adnan BAB Chairman, who has been one of the leading figures by serving the banking and financial sector for the past over four decades, believes in competitiveness of the banking sector which is seen one of the key drivers of the Kingdom’s economic development.
“Over the last 100 years, Bahrain has proudly recorded major success stories in the banking and financial industry. The true banking and financial renaissance, which he led with great skill, wisdom, insight and far-sightedness, the late His Highness Shaikh Isa Bin Salman Al Khalifa, and His Royal Highness Prince Khalifa Bin Salman Al Khalifa, Prime Minister, was in the mid-seventies with the introduction of the offshore bank experience and the transformation of Bahrain to a direction of the world’s largest known banks. , As well as the establishment of several large Gulf and Arab banks, which continue to take their role in the global financial and banking of the Kingdom.”
“The undeniable truth today is that the banking experience of Bahrain represents a huge success story filled with lessons that tell the efficiency and high power of the national human being in managing large banking institutions. As well as Bahrain’s vital role in providing bank financing to many Arab and developing countries that have contributed to the renaissance of these countries.
“This experience has strongly contributed to diversifying sources of income and creating jobs for Bahrainis, contributing more than 16% of the GDP, achieving an annual growth of about 10%. “The banking sector is one of the largest employment sectors in the Kingdom of Bahrain with over 14,000 individuals currently employed in the field. 65% of the individuals employed in this sector are Bahrainis who are at various levels of management.
Bahrain is home to the most important Islamic finance institutions around the world, with the best international legislation in the field of Islamic Banking.
He applauded Bahrain’s banking history which keep the Kingdom at the top ladder in both Islamic and conventional banking sectors.
“The 100 years celebrations will be a great opportunity to highlight the key role of the Bahraini banking sector to the sustainable economic development and promote its leading position locally, regionally and globally,” Rasheed Al Maraj, the CBB Governor told media during the Press conference.
“It will be an opportunity to reaffirm the corporate social responsibility of the banking industry and its role in reshaping and developing the society by establishing various charitable projects in health and educational sectors.
Celebrations mark the establishment of the first bank in Bahrain, Standard Chartered (formerly known as Eastern Bank limited), 100 years ago.
Abdulla Bukhowa, a senior executive at Standard Chartered Bank Bahrain, thanked the leadership for creating an attractive climate for the banking sector as well as offering a levelled playing field for the banking and financial institutions.
He was of the view that the banking and financial sector would continue to be a major contributor to the GDP and all players should be prepared to surmount all challenges ahead in the banking sector.
The banking sector is the second largest contributor to the GDP, after oil, well over 17% of the GDP.
Achieving an annual growth of about 10%. with over 14,000 individuals currently employed in the field, 65% of the individuals employed in this sector are Bahrainis.
Bahrain hosts 382 financial institutions with total assets of $ 192 billion, including 98 banks, 21 of which are Islamic banks.
The banking sector’s key role in supporting national development plans includes Bahrain’s Vision 2030; empowerment of women and youth; the adoption by banks in Bahrain of very stringent anti-money laundering and Bahrain’s leadership in the area of financial technology applications or known as fintech.
