The Bahrain Association of Banks (BAB), in collaboration with the Judicial & Legal Studies Institute, organized the second roundtable titled “Enhancing Interconnected Information Systems for Law Implementation.”
The session brought together representatives from various government and private entities invested in this domain, encompassing the Supreme Judicial Council, the Ministry of Justice, Islamic Affairs and Endowments, the Public Prosecution, the Ministry of Interior, the Legislation and legal Opinion Commission, the Department of Combating Economic Crimes, the Central Bank of Bahrain, the Information and eGovernment Authority, and the General Directorate of Traffic Services, Survey and Land Reiteration Bureau, as well as the Bahrain BAR Society, financial institutions, and banking establishments.
The focal point of the event centered on deliberating ways to synchronize the information systems of the participating entities to expedite the implementation of judicial rulings in civil and commercial matters. The objective was to create a unified interface, enabling the executing judge to promptly ascertain the assets and funds of the individual subject to execution, encompassing real estate, shares, bank balances, and more. This streamlined process aims to facilitate swift decision-making, safeguarding the rights of creditors, including financial and banking institutions.
Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, affirmed that this roundtable serves as a continuation of the outcomes derived from the initial session organized by the association last November. It is part of the association’s commitment to collaborating with partners in the ongoing development of various laws pertinent to the financial and banking sector.
Dr. Al Qassim extended his gratitude to all those responsible for organizing the roundtable, emphasizing their collaboration with the Association in coordinating such impactful events, particularly acknowledging the Institute of Judicial and Legal Studies.
Dr. Riyadh Mohamed Seyadi, Director of the Judicial & Legal Studies Institute, underscored the significance of this event in acquainting all stakeholders with the key provisions of the new implementation law and explaining the mechanisms of its application. Furthermore, he highlighted the significance of receiving suggestions and perspectives from participants, fostering an exchange of ideas aimed at advancing the law to fulfill its intended objectives.
Furthermore, Dr. Seyadi emphasized the need for diligent follow-up on the roundtable’s outcomes and recommendations to ensure the realization of desired goals. This is particularly crucial as the evolution of legislation, laws, and procedures remains an ongoing and dynamic process, aligning with the swift advancements in the financial and banking industry.
The Director of the Institute of Judicial and Legal Studies emphasized the significance of the recently enacted enforcement law for Bahraini banks and financial institutions. This legislation streamlines their operations by establishing a legal framework for developing innovative approaches to tracking funds subject to execution, as these methods align with global technological advancements. Moreover, the introduction of private enforcers enhances access to justice by providing swift and high-quality execution services, which contributes to the efficiency and reliability of financial and civil transactions.
Dr. Seyadi concluded his remarks by expressing sincere gratitude for the highly productive partnership with the Bahrain Association of Banks in orchestrating events of this nature. He emphasized that these meetings undeniably contribute to the development of new laws and their executive regulations, aligning with ongoing legislative developments. This, in turn, supports the effective implementation of laws and ensures the achievement of their goals in the most optimal manner. The judicial progress fostered by these efforts further bolsters the growth of the financial services sector, establishing it as a crucial driver for attracting investments and playing a pivotal role in stimulating various economic sectors.
