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A webinar was organised by the Central Bank of Bahrain (CBB) on the updated ‘Fit and Proper’ requirements for the appointment of board members and senior management at licensed financial institutions, aiming to bolster corporate governance and leadership efficiency within the kingdom’s financial services sector.
The new regulations form part of the Financial Services Sector Development Strategy 2022-2026 and align with global benchmarks.
Noora Abdulghani, acting executive director of banking supervision at CBB, highlighted the key objectives of the updated module during the session, emphasising clearer regulations to support sector growth.
“The updated requirements come as part of the CBB’s efforts to strengthen regulatory policies... Through extensive industry input, we were able to set the ‘Fit and Proper’ framework in line with global benchmarks, making chief executives directly responsible for ensuring the suitability of individuals holding senior management positions,” she said.
Shireen Al Sayed, director of regulatory policy at CBB, further elaborated on the practical application and evaluation criteria for leadership candidates. “Our new framework reflects a significant shift from our previous approach, whereby licensees are now encouraged to take on a more proactive role, while also having a single, more cohesive CBB Rulebook module that is applicable across the sector,” she explained during the webinar attended by CEOs and compliance officers.
The CBB’s initiative underscores its commitment to transparency and streamlining processes, contributing to a more efficient and robust financial ecosystem in Bahrain. The updated regulations aim to ensure that individuals in key leadership positions within financial institutions meet stringent suitability criteria, ultimately strengthening the sector’s stability and reputation.
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