Manama, Bahrain – The Central Bank of Bahrain (CBB) recently organised a webinar introducing the latest requirements to appoint board members and senior management of licensed financial institutions. This follows the issuance of the “Fit and Proper” requirements under the CBB Rulebook, which aim to strengthen corporate governance frameworks and the efficiency of leaders within the Kingdom’s financial services sector.

The session began with a welcome speech from Mrs. Noora Abdulghani, Acting Executive Director of Banking Supervision at CBB, who highlighted the main goals of the module including clearer regulations to support sector growth. She stated: “The updated requirements come as part of the CBB’s efforts to strengthen regulatory policies under the Financial Services Sector Development Strategy 2022-2026. Through extensive industry input, we were able to set the “Fit and Proper” framework in line with global benchmarks, making chief executives directly responsible for ensuring the suitability of individuals holding senior management positions.”

During the webinar, Mrs. Shireen Al Sayed, Director of Regulatory Policy at CBB, detailed the practical application mechanisms and criteria for evaluating candidates for leadership positions. She commented: “Our new framework reflects a significant shift from our previous approach, whereby licensees are now encouraged to take on a more proactive role, while also having a single, more cohesive CBB Rulebook module that is applicable across the sector.”

The webinar welcomed various CEOs and compliance officers who were introduced to the updated regulations, ensuring the smooth application of the CBB’s framework. This initiative also reflects its ongoing transparency efforts, by streamlining processes and contributing to an efficient financial ecosystem.