BAB Celebrates International Day of Banks and Announces Digital Transformation Award Winners

The Bahrain Association of Banks (BAB) hosted a ceremony to commemorate the International Day of Banks, an occasion initiated by the Association through the Ministry of Foreign Affairs in 2019. This initiative marked the centennial of Bahrain’s banking sector, leading to the United Nations General Assembly’s designation of December 4 as the International Day of Banks to honor financial and banking institutions worldwide.  

The event was held in the presence of His Excellency Mr. Khalid Humaidan, Governor of the Central Bank of Bahrain (CBB), along with Mr. Yaser Alsharifi, Chairman of the Bahrain Association of Banks, and members of the Association's Board of Directors. Also in attendance were officials from the CBB and prominent leaders from Bahrain’s banking and financial sector.

The ceremony featured the recognition of financial and banking institutions honored with the "Digital Transformation in the Banking Sector" award, launched by the Bahrain Association of Banks (BAB) last December. This award aims to encourage the adoption of best practices and cutting-edge solutions in digital transformation within the banking sector.

GIB was awarded in the first category as the "Best Digital Financial Institution," while the Eskan Bank received recognition in the second category for the "Best Digital Initiative in Retail Banking."

The selection of winners was based on a comprehensive evaluation of criteria, including the organization's ability to embrace modern fintech, implement strategies and policies that accelerate digital transformation, and launch innovative initiatives. The evaluation also considered their effectiveness in enhancing customer experience and operational efficiency through advanced digital tools, such as AI applications. Additionally, a strong commitment to cybersecurity and safeguarding customer data was a pivotal factor in the assessment process, ensuring that the recognized institutions uphold the highest standards of trust and safety in the digital age.

The event also included a special tribute to the jury and the Coordinating Committee of the Award for their significant contributions in evaluating the exceptional initiatives submitted by various financial and banking institutions. Their dedication was instrumental in ensuring transparency throughout all stages of the award process, from its inception to the announcement of the winners, reflecting their commitment to upholding the highest standards of excellence.

His Excellency the Governor of the CBB commended BAB for its efforts in showcasing innovation in the Kingdom’s financial services sector through the award, and emphasized how this initiative supports digital transformation, fosters leadership and innovation, and bolsters the global reputation of Bahrain's banking sector.

His Excellency also highlighted the significance of the International Banks Day as an opportunity to reflect on the vital role of financial institutions in driving innovation, promoting digital creativity and achieving sustainable development, and noted that the financial services sector remains a significant contributor to the national economy, aligning with the Central Bank of Bahrain's priorities to further advance the sector.

Mr. Yaser Alsharifi, Chairman of the Bahrain Association of Banks, expressed his congratulations to GIB and Eskan Bank for winning the esteemed "Digital Transformation award, and stated, “This recognition highlights the dedication of financial institutions in Bahrain to adopting digital solutions and placing digital transformation and innovation at the core of their business strategies, leveraging the latest advancements in fintech. We take immense pride and honor in witnessing the strong competition for this award, reflecting the Bahraini financial and banking sector's remarkable achievement in reaching such a high standard of efficiency and excellence."

Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, emphasized the significance of the award in encouraging the integration of digital technologies across the banking sector and said, "We take pride in the efforts of financial and banking institutions to achieve greater integration of modern technologies into their operations, demonstrating the highest standards of quality and efficiency in the digital services provided to individuals and businesses. We are confident that the initiatives recognized through this award will have a profound and positive impact on the banking sector and the national economy as a whole."

Mrs. Sarah Abdulhadi, CEO of Gulf International Bank (GIB), commented, "This recognition is a testament to our ongoing efforts to deliver an exceptional digital banking experience for all. It reflects our commitment to innovation and the development of comprehensive, inclusive solutions that meet the diverse financial needs and aspirations of our customers. We extend our gratitude to BAB for launching such inspiring initiatives, which encourage us to pursue greater advancements and embrace comprehensive digitization within the financial sector."

Mr. Abdulla Talib, General Manager of Eskan Bank, expressed profound pride in receiving this prestigious award for "Baity" digital platform, and emphasized that this recognition is not only a milestone achievement for the Bank but also a moment of great pride for all its employees. The award reflects Eskan Bank's dedication to delivering innovative solutions and addressing the housing needs of Bahraini citizens.

Mr. Talib extended heartfelt gratitude to the Ministry of Housing and Urban Planning for their invaluable support and guidance, which has been instrumental in transforming the vision of "Baity" into a tangible reality that benefits the community and attributed this achievement to the fruitful partnership between the Ministry and Eskan Bank, highlighting its pivotal role in the platform's success.

Mr. Talib said, "This award is a testament to the relentless efforts and exceptional commitment of our team, who continue to propel the Bank towards greater excellence and success. As we celebrate this accolade, we reaffirm our responsibility to deliver impactful solutions that make a meaningful difference in the lives of our community. I extend my heartfelt gratitude to BAB for this esteemed honor and to everyone who contributed to this distinguished achievement."

Mr. Khalid Al Khaja, Senior Manager of Sales, Marketing, and Corporate Communications at Eskan Bank, expressed pride in winning the "Best Digital Initiative in Retail Banking" award for the "Baity" platform, and stated, "This recognition reflects our commitment to fostering partnerships between the public and private sectors and advancing the digitization of government services. The Baity platform integrates cutting-edge digital technologies, such as Proptech and Fintech, in alignment with the esteemed government’s vision to meet the needs and aspirations of Bahraini families."

"I extend my sincere gratitude to the Ministry of Housing and Urban Planning for their support and belief in the mission of Baity. This award is also a testament to the tireless efforts of our young Bahraini team at Eskan Bank, whose dedication has turned our ambitious vision for Baity into a tangible reality."

Mr. Al Khaja added, "Finally, I would like to extend my gratitude to the Bahrain Association of Banks for this prestigious award, which serves as a powerful motivation to drive continued innovation and strive for excellence in all the products and services we offer."