MANAMA: Bahrain yesterday celebrated the centennial of its thriving banking sector whose inception dates back to the years before the 1920s.
A ceremony was held at Harbour Gate within the Bahrain Financial Harbour masterplan under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa.
The Premier deputised his adviser Shaikh Salman bin Khalifa Al Khalifa to attend the event celebrating the establishment of the first ever bank in Bahrain.
Senior officials and leading bankers and financiers attended the ceremony organised by the Bahrain Association of Banks (BAB).
Shaikh Salman inaugurated a commemorative monument at the Bahrain Financial Harbour’s main entrance depicting the history of Bahrain’s banking sector.
The monument depicts the history of the banking sector
Central Bank of Bahrain Governor Rashid Al Maraj and BAB chairman Adnan Ahmed Yousif presented Shaikh Salman with a book, Bahrain’s Banking Sector: 100 Years of Challenges and Achievements, in addition to a commemorative stamp and a memento.
Shaikh Salman conveyed greetings and congratulations from the Prime Minister to all the participants in the event which celebrates the pioneering role of the financial and banking sector as a main contributor to economic growth and development in the kingdom.
He pointed out the paramount importance accorded by His Majesty King Hamad and the government to the financial and banking sector by providing it with all legal, organisational and logistics requirements that enabled Bahrain to become a financial hub attracting prominent financial and banking institutions.
Shaikh Salman paid tribute to the Prime Minister for his unflinching support for the sector which enjoys international respect thanks to the commitment of the CBB and other banks operating in Bahrain to the organisational and monitoring frameworks.
He said celebrating the centenary of the banking sector comes at a time when the global economy is witnessing major challenges because of the coronavirus.
He pointed out Bahrain’s ability to brave those challenges competently.
The sector has witnessed over the past century major growth, Shaikh Salman said, highlighting the strides made over the past five decades.
He added that the banking march has gained momentum thanks to the continuous support of the leadership.
A video was shown on development of the financial and banking sector in Bahrain over the past century and its role in backing the national economy and the kingdom’s development march.
It also shed light on the Prime Minister’s efforts in developing the sector and boosting the kingdom’s regional and international status.
Pioneers in the banking and financial sector, who were honoured by the Premier, were announced.
Mr Al Maraj paid tribute to all affiliates of the financial and banking sector for their remarkable contributions.
He also thanked the Finance and National Economy Ministry, led by Shaikh Salman bin Khalifa Al Khalifa, as well as the Economic Development Board and all government institutions for their role, alongside the CBB, in the accomplishments.
Mr Yousif underlined the numerous achievements made over the past century which have boosted the kingdom’s status on the world map as one of the key financial and banking hubs.
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