The Bahrain Asset Managers Association announced that it has taken the initiative to join its members into the Bahrain Association of Banks (BAB), in a gesture aimed at unifying efforts to represent the Bahraini banking sector with its various components including banks, financial institutions, wealth funds, and investment companies.
The Central Bank of Bahrain (CBB) welcomed the move, stressing that it is in the right direction, expressing its support for more similar steps from other civil society institutions working in the financial and banking affairs that have similar visions and objectives.
The CBB explained that it also advocates and supports mergers between the financial and banking entities in the Kingdom of Bahrain in order to enhance their strength, financial solvency, capabilities and level of performance, praising the role played by the BAB.
For his part, the CEO of BAB Dr. Waheed AL Qassim said:
“The Society will work to achieve the visions and aspirations of Bahrain Asset Managers Association‘s members, building on their previous achievements, and harness all its possibilities for that.”
Dr. Al Qassim stressed that the BAB welcomes the initiatives of similar civil society institutions that want to join the Association. He also confirmed that BAB through its accumulated experience over the past decades in banking and finance industry, in addition to its ambitious comprehensive strategy, BAB has been able to build fruitful relationships with a wide base of financial and banking institutions in Bahrain. It has become a broad umbrella for the sector and an effective channel for mutual representation between these institutions and the Central Bank of Bahrain.
Dr. Ahmed Al Jawheri, former chairman of The Bahrain Asset Managers Association, explained that this move comes within members’ faith in the collective efforts to achieve the goals they aspire to.
“We believe that this move enhances our strength in working together to play an influential role in the way the banking sector operates, modernize and develop its practices and represent the interests of financial institutions specialized in wealth management and asset management in an effective manner. In addition to contribute to the discussions regarding the laws governing and regulating the banking business, providing ideas and solutions, encouraging the actual innovation in the banking sector, focusing on ethical practices, caveats and legitimate aspects in asset and wealth management theses and finding innovative solutions to keep pace with developments in the financial markets.” Added Dr. Jawheri.