Bahrain’s banking sector is a role model for region: Ebdaa Bank Official

By Rahul Vaimal, Associate Editor
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Ebdaa Bank
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Bahrain-based Ebdaa Bank for Microfinance’s chairman, Her Excellency Mona Yousuf Khalil Almoayyed said that country’s banking sector has emerged as a model in attracting major local and international financial institutions to the nation, localizing their experiences, strengthening the national economy and training Bahraini national cadres.

She was speaking at the 100th anniversary of the Bahrain banking industry.

Ms. Almoayyed added that the Bahraini banking sector has been able to push financial and banking activities to new levels and keep pace with developments in the global banking sector, such as digital financial services, financial technology and microfinance.

Mona Yousuf Khalil Almoayyed
Mona Yousuf Khalil Almoayyed
Ebdaa Bank for Microfinance

“HRH Prince Khalifa’s insightful vision helped in anticipating the horizon of growth and development of the financial and banking services. We are now proud to have trustworthy Bahrini cadres in the financial sector that have demonstrated their ability to reach the highest leadership positions, and we must maintain the success of the Bahraini banking sector and make sure that all other sectors benefit from this success for Bahrain’s advancement and prosperity”.

Dr. Khaled Al Ghazzawi, CEO of Ebdaa Bank said, “the development of the Bahraini banking sector made Bahrain the first country within the GCC states to succeed in the year 2009 in attracting the financial inclusion banks initiative launched by the late Royal Highness Prince Talal bin Abdulaziz – President of the Arab Gulf Program for Development (AGFUND), and was supported by their Majesties and Highnesses, the leaders of the GCC states by establishing Ebdaa bank for microfinance”.

He pointed that EBDA Bank’s services support low-income people and the success of the experiments in Bahrain has inspired the further success of microfinance banks affiliated with the Arab Gulf Development Program (AGF) in many countries in the region.

“Ebdaa Bank is still pursuing its efforts to make Bahrain a home for the microfinance industry in the GCC states, and setting the highest standards for this industry following international best practices, within the framework of the Kingdom’s economic vision 2030, the directives of the bank’s board of directors and the efforts of the executive management,” stated Dr. Al Ghazzawi.

Ebdaa Bank will maintain its role in facilitating banking by supporting the progress of the middle class in the Kingdom of Bahrain, also it supports the Bahraini banking sector to diversify its financial and banking services and products, he concluded.