Bahrain: Insurers and bankers form joint strategic committee
Source: Middle East Insurance Review | Nov 2021
The Bahrain Insurance Association (BIA) and the Bahrain Association of Banks (BAB) have established a joint strategic committee to enhance close cooperation between the insurance and banking sectors in the kingdom.
The goal is also to continue to develop the financial sector, increase its contribution to the economy and improve the investment climate.
The committee has held its first meeting, during which Mr Adnan Ahmed Youssef was elected chairman of the committee and Mr Jawad Mohammed as vice chairman, according to a report by Al Watan News.
Mr Youssef said in a statement that the cooperation with the BIA is an example of effective cooperation between banks and insurance companies, reflecting their close relationship and the intertwined interests between them. He said the BAB would look at ways of working with the BIA, such as cooperating in the marketing of banking and insurance products, which would reduce costs for the customer and increase efficiency.
Mr Mohammed said, “We find that sometimes banks have established or contributed to the establishment of insurance companies and vice versa. Insurance companies have either established or contributed to the establishment of banks in many countries of the world. The liquidity of the banks pushes them to establish insurance companies, in economic conditions in which profitable investment opportunities are scarce.”
He said the protection offered by insurers contributes to increasing the ability of banks to finance various activities and contribute to economic development in Bahrain. M