Bahrain’s banking sector continues to evolve despite challenging environment that currently exists, according to an expert.
“I firmly believe that local banks are well placed to continue growing while the Central Bank of Bahrain stays ahead of the curve on regulatory issues,” Jalil Al Aali, Head of Financial Services in KPMG Bahrain, told the audience during a breakfast meeting.
He was speaking during the KPMG Bahrain’s breakfast seminar, which brought together banking CFOs to discuss emerging global banking regulation and the impact on the local market as well as corporate governance trends in global financial services. The event focused on the implications of the imminent roll out of the International Financial Reporting Standards (IFRS) 9 on banks and financial institutions, while highlighting the ideal approaches and models to comply with the new requirements.
“Following the recent issue of IFRS 9 draft, there have been constant questions about the implications it will have on the banking and finance industry in the region. I am pleased to be part of this event to shed light on the key challenges companies will face once the new standard is fully enforced within the next two years and present the ideal financial and risk models that have proven to be effective in mitigating such challenges,” Guest speaker, Rajosik Banerjee, Financial Risk Management Advisory Partner at KPMG, said.
The event took place on at Regency intercontinental hotel in Bahrain, and was well attended by CFOs from the local banking community who were personally invited by KPMG to this exclusive event.