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Bahraini banks unaffected by Silicon Valley’s shockwave

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The Bahrain Association of Banks (BAB) stated that Bahraini banks are unaffected from the repercussions of the bankruptcy of the US Silicon Valley Bank and its impact on the financial markets in several countries around the world. Affirming that Bahraini banks have liquidity and capital adequacy ratios that exceed regulatory requirements.

This came during BAB’s Board regular meeting, which covered a variety of topics, including the most recent developments in Bahrain’s financial situation following the global financial crisis that started with Silicon Valley Bank, and extended to include other major banking and financial institutions around the world.

BAB stated that the disclosures made by a select few Bahraini financial institutions were extremely constrained and under supervision. According to BAB, the crisis in Silicon Valley is not the first and likely won’t be the last, and in every crisis, Bahraini banks demonstrate their stability, strength, and ongoing capacity to provide the financing needs of people and organizations in all situations.

The Association highlighted the Central Bank of Bahrain’s crucial support of Bahraini banks, competent supervision of those banks, and upkeep of the stability and safety of financial institutions functioning inside the Kingdom of Bahrain.

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Several other topics on the agenda were discussed during the regular meeting. Stressing BAB’s position as a useful channel for communication between Bahrain’s financial and banking institutions and the Central Bank of Bahrain, as well as other governmental, and private entities, to bring up and discuss a range of crucial and strategic issues for the banking industry.

The focus of the meeting was on advancing efforts to activate the committees of the Association, enhance their performance, and boost the outcomes of their work. Furthermore, in light of the association’s initiative to assess its priorities and work programs, the meeting covered past and upcoming activities and events that the association has undertaken.

During the meeting, BAB’s Board elected an executive committee entrusted with reformulating and developing the association’s objectives considering developments in the financial and banking industries in Bahrain, the region, and the world. In addition to strengthening the Association’s role in representing registered financial and banking institutions in Bahrain, the Association will contribute to close collaboration with the Central Bank of Bahrain and other relevant government entities, as well as effectively promoting Bahrain as an international financial hub.

Mr Adnan Yousif, Chairman of BAB, in a statement on the sidelines of the meeting, expressed the eagerness of the Bahrain Association of Banks’ Board to strengthen the Association’s and banks’ roles in the initiatives launched by the esteemed government and the Central Bank of Bahrain regarding the economic recovery plan and the strategy for developing the financial services sector 2022-2026. He explained that the Association’s efforts in the previous year and early this year were focused on continuing to monitor and implement its partnership with the esteemed government and the Central Bank of Bahrain in implementing the financial sector development strategy and the recovery and sustainability program for the next four years.

Dr Waheed Al Qassim, CEO of BAB, said: “We value the overwhelming support the Association Board of Directors has given to all of the Association’s projects and programs. It continues to implement the Association’s plans, achieving its goals of advancing best practices in the banking sector and assisting in and bolstering training and professional restructuring initiatives. Furthermore, create plans and activities to improve Bahrain’s standing and reputation in the global banking industry as well as to enhance relationships amongst banking executives through the creation of specialist committees, and stakeholder membership.”

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