Bahrain central bank governor warns regional regulators to proceed with caution
BAHRAIN – Middle Eastern regulators should proceed with caution despite the recent economic boom in the region, according to Rasheed Al Maraj, the governor of the Central Bank of Bahrain (CBB).
Speaking at the Gulf Cooperation Council’s (GCC) annual regulatory summit, Al Maraj warned that the subprime crisis, the credit crunch and the Société Générale rogue trader event, highlighted the risks to the region.
“This year's conference is taking place against a backdrop of fresh challenges being posed by a number of global factors and their interplay with regional developments,” said Al Maraj. “In particular, these incidents underscore the need for good risk management and effective internal controls by financial institutions. The role of the regulator in addressing these challenges is crucial.”
Bahrain’s central bank has also introduced a Basel II-compliant framework for Islamic markets. “The recent volatility in international stock markets underscores the need for transparency, which the CBB has achieved through enhanced disclosure standards introduced as of the start of this year,” said Al Maraj.
More on Risk Management
Regulators could cap the maturity banks assume for large chunks of their deposit base
Three easy-to-implement methods for back-testing expected shortfall
Welcome to The Journal of Network Theory in Finance's Online First Forum. Here you will find the latest peer reviewed, accepted papers before they are available in print. With Online First publication,...
Sponsored webinar: IBM Risk Analytics
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.