BAB confirms commitment to sustainable packaging

Manama : Bahrain association of Banks held “Sustainable Finance Forum” in cooperation with the United Nations Development Program in Bahrain (UNDP), the Central Bank of Bahrain and the Economic Development Board represented by Sustainability & Social Responsibility Committee.

The high-level conference, featuring business leaders and policy makers, addressed key regulatory that banks and financial institutions should follow in order to achieve sustainable development objectives which aims to boost Bahrain’s sustainable
finance.

Adnan Yousif Chairman of BAB noted that Bahraini banks direction towards achieving SDGs reinforces the leadership of this sector that has always been the first to back the national economy and the development process. It is demanding further development and reform and adopts the principles of sustainability to contribute to long-term growth in the coming period.

Chairman of BAB stated that the support of financial institutions for the process of transition towards “sustainable development” aims to search for new sectors to achieve growth and profitability through applying SDGs principles, praising the cooperation between the association and UNDP. 

For his part, Dr. Waheed Al Qassim CEO of BAB stressed the association initiated to obligate banks in Bahrain to implement SDGs at the local, regional and global levels. 

“The concept of banking sustainability ensures that banks achieve their objectives and achieve financial coverage, which improves economic growth rates as well as maintaining the integrity of the banking sector and enhance its performance in various respects.” Said CEO of BAB

Participants of the forum stressed that applying SDGs would reduce operational risks and achieve indirect profits and raise the value of the brand and create promising opportunities for the development of its business.

They noted that applying sustainable development within banks contributes to reduce credit risks and protecting them from bankruptcy and global financial implications.