Businessman calls for banking ombudsman

14/04/2014 06:07 AST

A Bahraini businessman has called for the introduction of banking ombudsman services and an investor protection board as a precursor to making Bahrain a GCC investment hub. Welcoming last week's statement by His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, Mannai Trading and Investment Company general director Darwish Mannai said, "while framing policies, our visionary leaders might have taken all these aspects into account and we support all their efforts to make our country as an investment hub and role model for the entire region." According to Mr Mannai, while Bahrain already had the infrastructure facilities and years of experience to attract foreign investments, development into a hub was a long-term process and needed sustained momentum of capital inflows in the long run. "Long-term policies, regulatory laws and supervisory efforts play a vital role in creating an investment friendly environment and attracting private investments," he said. "Both investment banks and individual investors are key elements to maintain the equilibrium and are complementary to each other." Therefore, Mr Mannai said, regulatory requirements should be extended to protect individual investors' interest as well. "An investor protection board would strengthen the investment friendly culture and prevent fraudulent players from entering the market," he said. "The board would work towards securing the interests of investors against mis-selling or malpractices by market players."

Gulf Daily News