Middle East should be cautious, urges Bahrain regulator
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.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Risk management
Big banks love their climate vendors; small banks, not so much
Risk Benchmarking: Lenders with blue-chip loan books more likely to favour climate tools, research finds
Mob rule: populism’s rise pits banks against the people
Trump and fellow mavericks are reshaping politics, leaving banks scrambling to adjust to new and unpredictable risks
JSCC considers default fund consolidation
Japanese clearing house looks for efficiency gains amid expansion of clearing products and influx of international firms
EU clearing houses pressured to diversify cloud vendors
CROs and regulators see tech concentration risk as a barrier to operational resilience
Why better climate data doesn’t always mean better decision-making
Risk Benchmarking research finds model and systems integration challenges almost as limiting to effective climate risk management
CanDeal looks to simplify third-party risk management
Six-bank vendor due diligence utility seeks international reach
Market players warn against European repo clearing mandate
Regulators urged to await outcome of US mandate and be wary of risks to government bond liquidity
Italy’s spread problem is not (always) a credit story
Occasional doubts over Italy’s role in the monetary union adds political risk premium, argues economist