MANAMA: The Bahrain Association of Banks (BAB) has signed a memorandum of understanding with Iraq Private Banks League (IPBL) which would pave the way for greater exchange of experiences and knowledge as well as enable cooperation among banks in the two markets.
The agreement was signed by BAB chairman Adnan Ahmed Yousif and IPBL chairman Wadih Al Handal during a remote meeting.
Stemming from the mandate of both associations to defend the interests of banks and financial institutions in the two countries, the cooperation seeks to highlight the banking sector’s role in sustainable development programmes through close cooperation with regulatory authorities and other stakeholders. The two sides have agreed to form a joint committee to consult on the implementation and follow-up of plans and programmes.
BAB chairman Adnan Yousif said: “Bahrain has had a rich and diversified banking experience over the past five decades, which has greatly been enhanced by its response to the repercussions of the Covid-19 pandemic. We are working in the association to employ this rich experience in supporting and strengthening cooperation with Arab banks, at the forefront of which is the IPBL, and Iraqi banks, as we have strong brotherly relations. We aim to boost such relations and cooperation during the next stage.”
IPBL chairman Wadih Al Handal said: “The league has a long history in developing the banking sector, at various technical, administrative, advisory, human resources and other levels. This MoU will contribute to opening new horizons with the Bahraini banking sector, and boost joint work between Iraqi and Bahraini banks, transfer experiences, in addition to holding training courses at a high level.”
The two parties will work through the MoU to exchange experiences, studies, and relevant research, depending on the resources available to them, and will also cooperate in providing consultations, conducting joint research and studies, and organising and implementing conferences, workshops, seminars, and events in various common fields.
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