BAB STRATEGY
BAB is a crucial component of the efforts being made on a national level to put into action the strategy for the development of the financial services sector 2022-2026, which will strengthen the position of the banking industry as one of the most important national sectors capable of creating good employment opportunities for citizens, boosting the GDP, and supporting numerous national economic sectors.
Banks Advocacy & Conferences
By representing banks in Bahrain and advocating their interests, BAB ensures that banking ecosystem is harmonized thereby supporting and facilitating Banks businesses in providing their services and products in efficient ways. This helps banks in financing the economy while maintaining their solvency. BAB seeks to enhance and promote the reputation of Bahrain as a financial center and to attract more investments into Bahrain. BAB achieves this is by organizing and participating in banking and financial conferences held in Bahrain and abroad and these are usually attended by high level officials, investors, and senior bankers.
Economic Development
BAB through its various activities supports the national economic recovery plan and the underlying financial services development strategy developed by Central Bank of Bahrain. BAB works closely with the CBB (Central Bank of Bahrain) and the EDB (Economic Development Board) to attract new investments into and within the country. BAB also meets with various government officials on a frequent basis to promote the need to increase the financing to economic activities to boost the GDP of the Kingdom of Bahrain.
FinTech & Innovation
BAB believes that banks need to develop strategies to harness the power of Fintech to drive its evolution. BAB works with banks and other financial institutions, government and semi-government bodies and third-party service providers to strategize on how all stakeholders can contribute to fostering a better fintech ecosystem.Â
Enhancing fintech, open and digital banking, will create more value jobs, optimize the banking sector efficiency, help drive sustainable growth and help reinforce Bahrain’s position as a leading regional banking hub and major center for Fintech.
SME Financing
BAB in collaboration with Tamkeen and the Islamic banks have developed initiatives to support the sustainable development and growth of the Kingdom’s economy by strengthening the private sector. The strategic approach is based on Bahrain’s economic vision, the local market conditions, and the global economic shifts. Incentivizing as well as increasing the financing to SMEs can help them build their capabilities and allow them to innovate, grow, transform, digitize, become more productive, and potentially internationalize.
Financial Courts
BAB is constantly researching about ways to further enhance the financial sector in Bahrain. Based on some initial research on the existing systems locally and internationally, BAB feels that it may be a beneficial to drive a specialized legal system (Courts, Public Prosecution, Implementation Court, and others) for the financial sector. The aim is to draft a unique structure that speedup court cases and promote Bahrain through such a professional legal system. This will further enhance the financial issues’ juridical procedures and financial courts and help gain more international trust.
Awareness Campaigns
BAB plays a key role in protecting the reputation of banks through various awareness campaigns. Cybercrime and financial fraud are on the rise and the national campaign against financial fraud is an essential part of BAB’s strategy to educate the financial sector’s customers on ways to protect themselves from cybercrime.Â
The campaign also plays an important role in keeping the Kingdom of Bahrain among the developed nations in the field of cybersecurity as a crucial pillar for progress in the development of digital banking services
Training Programs
BAB in cooperation with CBB (Central Bank of Bahrain) and banks develop training programs, such as the six-month internship program for Bahraini graduates, which prepares and ensures that students are up to date with developments and trends in the banking sector, including its trends toward sustainability, green finance, open banking, among others. The young Bahrainis who master these skills can contribute to the development of other sectors in Bahrain, linking them in an integrated manner within the framework of national plans.
