‘Microfinance’ A success story of Bahraini banking sector: Ebdaa Bank

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Her Excellency Mona Yousuf Khalil Almoayyed, Chairman of Ebdaa bank for Microfinancing – Bahrain, affirmed that the patronage of His Royal Highness Prince Khalifa bin Salman Al Khalifa, the distinguished Prime Minister, of the banking sector since the 1970s had paved the way for Bahrain to become a first destination in the region in terms of financial and banking services. She noted that his Highness insightful vision helped in anticipating the horizon of growth and development of the financial and banking services, and that the Bahraini banking sector is still able to drive the financial and banking work in Bahrain to new ranks and keep pace with developments in the global banking industry, such as digital financial services, financial technology, and microfinance.

In her statement on the occasion of the celebration of Bahrain’s 100th anniversary of the establishment of the banking sector, Almoayyed indicated that the banking sector is a role model in the field of attracting major regional and international financial institutions to Bahrain, localizing their experiences, utilizing them in consolidating national economy, and training Bahraini national cadres. “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” Almoayyed added.

CEO of Ebdaa Bank, Dr. Khaled Al-Ghazzawi, affirmed that 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 indicated that the services of Ebdaa Bank supported low-income people, and the success of the experiment in Bahrain became an incentive for more successes achieved by the microfinance banks affiliated with the Arab Gulf Development Program (AGFUND) in many countries in the region.

“Ebdaa Bank is still pursuing its efforts to make the Kingdom of Bahrain a home for the microfinance industry in the GCC states, and to contribute to 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. Ebdaa Bank will maintain its role in facilitating banking that supports the advancement of the middle class in the Kingdom of Bahrain, in addition to its keenness to support the march of the Bahraini banking sector and diversify its financial and banking services and products.” Dr. Al-Ghazzawi concluded.

SOURCE: BIZBAHRAIN

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