The United Nations adopts Bahrain’s Initiative to mark the International Banks Day

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The United Nations General Assembly adopted the initiative of the Kingdom of Bahrain to announce the international banks day, an initiative that was presented by Bahrain Association of Banks (BAB) through the Ministry of Foreign Affairs, and was approved at the recent meeting of the United Nations General Assembly.

BAB received an official confirmation from the Ministry of Foreign Affairs to mark the fourth of December of each year as an International Banks Day. It included that “With reference to your proposal to set an international day for banks, the Kingdom of Bahrain supported each of the Arab Republic of Egypt, Kazakhstan and Nigeria and it was adopted by 43 countries.”

Chairman of BAB Mr. Adnan Yusuf expressed Association’s pride in this achievement, appreciating all efforts by the Ministry of Foreign Affairs to hand in and support association’s proposal to mark a day of each year for the International Banks Day, praising CBB’s directions in this regard.

“We presented the initiative to mark an international day for banks as a proposal issued by the Kingdom of Bahrain, which has one of the oldest financial and banking sectors in the region, in line with the Kingdom’s celebrations of the centenary of the establishment of this sector, and to emphasize the position of the Kingdom of Bahrain on the regional and global level, the support we received for this proposal confirms that position.”

In this regard, Mr. Adnan confirmed that this initiative would encourage the various banks and financial institutions around the world to fulfill their responsibilities and continue to play their key role to maintain security and stability and raise development rates. He also said: “Banks contribute greatly to financing development programs in the world, as well as their role in various aspects of sustainable development, providing transparent financing to international organizations related to refugees, combating terrorist operations, money laundering, and other international tasks.”

For his part, CEO of BAB Dr. Waheed Al Qassim said that the association will coordinate with the Ministry of Foreign Affairs, CBB, and other members of the association to forward activate this initiative and provide events program to celebrate the first International Banks Day in the Kingdom of Bahrain which will take place December 4, 2020.

Mr. Al Qassim further said: “We believe that celebrating the International Banks Day in the Kingdom of Bahrain provides a platform for Bahrain’s banks and financial institutions to shed light on the entirety of their business.  Bahrain have adopted very strict standards in combating money laundering and terrorism, their leadership in financial technology applications, the integration of the Sustainable Development Goals (SDGs) in banks and financial institutions, the advanced legislative environment, facilitating the financing of clean energy projects. As Bahrain has the most important institutions involved in Islamic finance around the world, and it has the best international legislation in this field.”

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