Bahrain-Turkey banking ties highlighted

Bahrain Association of Banks (BAB) has organised a business visit to the Banks Association of Turkey (TBB) to activate the memorandum of understanding between the two sides.
The memorandum aims to enhance joint cooperation by encouraging mutual investment and benefit from accumulated experience and expertise of both sides in the fields of banking and finance.

The visiting delegation included Dr. Waheed Al- Qassim, CEO of BAB, Hasan Ali Hussain, Support Coordinator in BAB, Abdul Nasser Al- Mahmood, Head of Sharia in KCB bank, Hessa Hussain, Head of CRB in BENEFIT.

The visit included meetings with TBB Risk Centre Which is considered as a leading advisor to all Turkish financial institutions in the area of risk management by providing information and reports on banking and investment risks, including credit risk, market risk and liquidity risk, as well as operational risks such as legal risks and external risks.

The visit also included and the Credit Records Bureau of Turkey (KKB). The former gave a presentation regarding its work process and relation with financial institutions, while the latter’s presentation concerned the Data Centre in Istanbul and the capital Ankara. During the meetings with Vakif Bank and Saving Deposit Insurance Funds (SDIF), each presented on its respective process and establishment, explaining how to establish such private financial organisations in Bahrain with the cooperation of the Government and other societies. Furthermore, SDIF’s Private Company Specialist presented on liquidation and dissolution of financial Institutions.

Dr Waheed Al Qassim, CEO of BAB, indicated great opportunities for cooperation between Bahrain and Turkey, especially in Islamic banking, with the presence of nine Turkish banks in Bahrain, most of which are in the investment sector. He pointed out that the Association seeks to place banking at the forefront of sectors of cooperation between Bahrain and Turkey, alongside other sectors such as food, textile, health tourism, energy.

Dr. Al Qassim highlighted the experience of the Turkish Waqf Bank which is responsible for management and development of the Waqf funds in accordance with the best investment methods and in the best possible way for the government and society in Turkey. He stressed the importance of benefiting from this experience in Bahrain, Investment in infrastructure and development projects.

Secretary General of TBB, Dr Ekrem Keskin, expressed the desire of the Turkish side that the BIBF will train the cadres of the Islamic banks in Turkey, as the Institute enjoys a distinguished reputation locally and internationally.

Kaskin stressed keenness of the Turkish side to benefit from Bahrain's pioneering banking experience, especially as the Kingdom continues to maintain its leading regional position in the field of Islamic banking and traditional financial services, in addition to advanced legislation and qualified Bahraini competencies in the banking sector

Source: BNA