BCCI committee vows to tackle banking obstacles

31/12/2014 07:00 AST

The insurance and banks sector committee of the Bahrain Chamber of Commerce and Industry (BCCI) has pledged to resolve obstacles curbing the sector.

The committee has prepared a report which centres on the hurdles faced by the sector and the committee's recommendations in light of the consultative meeting held in June this year.

Key obstacles outlined in the report include the absence of a law encouraging banks to provide special loans for small and medium enterprises, termination of bank accounts of currency exchange offices in Bahrain by foreign banks, reluctance of local banks in remitting US dollars from local currency exchanges to their counterparts abroad and general lack of awareness with regard to the terms and conditions of insurance policies.

The committee, presided over by Adel Al A’ali, proposed a number of recommendations, and pledged to communicate with the relevant authorities to overcome all obstacles curbing the sector.

Meanwhile, the BCCI announced its industrial sector committee headed by Abdulhamid Al Kooheji has been invited to participate in the forthcoming Industrialists Forum to be held in the second quarter of next year in Dammam, Saudi Arabia.

The invitation was extended by Dammam's Asharqia Chamber's industrial committee head Faisal Alquraishi, who hailed the good relations between the chambers and called for further bolstering trade and investments between both sides.

In a reciprocatory move, BCCI said its industrial committee has invited the Saudi chamber to participate in the Invest in Bahrain Forum to be held in the final quarter of next year.

Gulf Daily News