Banks urged to adopt new policies in Bahrain

Banks should realise that they have much to gain from growth momentum in the private sector as they improve their financial resources

Banks are the driving engine of every national economy and citizens' welfare is the utmost goal of any economic policy, a top businessman said yesterday.

To achieve this goal, national banks must start implementing new policies which differ tangibly regarding vision, work procedure, and philosophy, said Bahrain Chamber of Commerce and Industry (BCCI) chairman Dr Essam Fakhro. He was speaking as he received at Beit Al Tejjar, Al Salam Bank chief executive officer Yusuf Abdulla. Taqui BCCI treasurer Othman Mohammed Sharif, board member Jawad Al Hawaj, CEO Ibrahim Ahmed Allanjawi and other senior officials attended.

Dr. Fakhro also pointed out the capacity of banks to reduce risks and diversify investments by launching flexible funding packages. "Obviously, the private sector wants to minimise risks and diversify investments in different development projects," Dr. Fakhro said. "Banks should realise that they have much to gain from growth momentum in the private sector as they improve their financial resources," Dr. Fakhro said.

He stressed the importance of exploiting the current financial liquidity in revitalising the trade and investment sectors, now that the national economy is recovering from the unrest. Mr. Taqui also reaffirmed his bank's resolve to back key development projects which may contribute to spurring economic growth.