Bahrain Banks sign memorandum of understanding with Iraqi counterpart

Bahrain Banks sign memorandum of understanding with Iraqi counterpart

The Bahrain Banking Association has signed a memorandum of understanding with the Iraqi Private Banks Association aimed at achieving fruitful cooperation between the two associations in the exchange of experiences and knowledge and strengthening the bonds of banking cooperation in all fields.

This came during a recent remote meeting, according to a statement issued by the Iraqi Association and reported to The Shafaq News Agency.


Al-Bayan added that the memorandum was signed by Adnan Ahmed Yusuf, chairman of the Bahrain Association, and on the Iraqi side, and on the Iraqi side, Wadih Nouri al-Hanzal, chairman of the Board of Directors of the Iraqi Private Banks Association.

According to the statement, this memorandum comes from the letter of the Bahrain Banking Association and the Association of Iraqi Private Banks, and their tasks in defending the interests of banks and financial institutions and highlighting their role in sustainable development programs through close cooperation with regulators and all partners and stakeholders, as well as actively promoting their active contribution to promoting and attracting investment.

According to the statement, the parties also agreed to form a joint committee to consult and agree on the implementation and follow-up of joint plans and programmes and the development of implementation mechanisms.

"Bahrain has a rich and diverse banking experience over the past five decades, which has been greatly enhanced in its response to the repercussions of the Corona pandemic," Adnan Ahmed Yusuf, Chairman of the Bahrain Banking Association, was quoted as saying. We work at the Association to employ this rich experience in supporting and strengthening cooperation with banks.

"Al Arabiya, foremost among them, is the Association of Iraqi Banks and Iraqi Banks, with which we have close fraternal relations and have broad prospects for diversification and development during the next phase."

"The Iraqi Private Banks Association has a long history of developing the banking sector, at various technical, administrative, advisory, human resources and other levels, and this memorandum will help open up prospects with bahrain's banking sector," said Mr. Wadih Al-Hanzal, president of the Iraqi Private Banks Association.

The memorandum will strengthen the joint work between Iraqi and Bahraini banks, transfer experiences between the two sides and hold high-level training courses, he said.

He praised the role played by the Bahrain Banking Association and confirmed that the Iraqi Private Banks Association is working with the Central Bank of Iraq and others to create a strong banking sector.

According to the statement, the two parties will work through the memorandum of understanding to exchange relevant experiences, studies and research, based on the sources available to them, and the parties will cooperate in providing consultations, conducting joint research and studies within their jurisdiction, organizing and implementing conferences, workshops, seminars and events in various common areas, as well as cooperation in organizing training programs related to the qualification of banking staff and according to the common interests and needs between the two parties, in accordance with current and future needs. For the banking sector in Bahrain and Iraq, the exchange of information, sources and databases between the two parties, and coordination at the level of their executive departments and committees to exchange experiences, information and joint research.
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