Al Baraka Group Hosts its First Annual Compliance Meeting at its Headquarters in Bahrain

(MENAFN- Albaraka Banking Group) Manama, Bahrain – 8 December 2024: Al Baraka Group B.S.C (c) (ABG), the leading international Islamic banking group based in the Kingdom of Bahrain, held its first Annual Group Compliance Meeting (AGCM) with participation of all its subsidiaries, on 2-3 December 2024, at its headquarters in Bahrain.
The meeting was chaired by Dr. Khaled Ateeq, the Chairman of the Compliance and Governance Board Committee, and in the presence of members of the Central Bank of Bahrain. The event covered the latest developments in compliance and Anti-Money Laundering (AML) trends and typologies, in addition to enriching a culture of compliance and upgrading its sanctions controls. The meeting also emphasised on the importance of sharing updates, challenges and strategies among the heads of compliance and MLRO’s across the Group’s various subsidiaries.
Dr. Ateeq in his speech at the meeting said “Our industry faces numerous challenges, and it is essential that we remain proactive in managing these complexities. By prioritizing compliance, we are not only fulfilling our legal/regulatory obligations, but also safeguard our reputation and strengthen our market position. Moreover, our compliance programs must also align with our company values and ethical principles to maintain the trust of our stakeholders and the communities we serve”.
The Group Chief Executive Officer Mr. Houssem Ben Haj Amor in his speech stressed on the importance of adopting the highest professional standards and developing the necessary strategies to continue to spread a culture of compliance while offering solutions to address the challenges and benefit from potential business opportunities. He emphasized that having a strong compliance structure will bolster the growing profitability of our subsidiaries and enhance their contribution to the Group’s financial stability.
In his part, The Group Head of Compliance, Governance & Board Affairs and MLRO Mr. Abdul Malek Mezher discussed the importance of sharing knowledge and strengthening partnerships to promote Anti-Money Laundering practices and combat the financing of terrorism among all subsidiaries. He also provided insights into the regulatory environment, alongside highlighting trends in the compliance industry and developing tools to monitor compliance activities to enhance the Group's efficiency. He highlighted that compliance is not just about following rules; it is a core cultural element that must be embraced at all levels of the organization.

Furthermore, Al Baraka Group’s qualified compliance professionals strive to identify and evaluate various compliance risks, implement the necessary controls to ensure that no regulatory violations occur, and effectively manage, mitigate and respond to potential risks in a timely manner.

In closing remarks of the event, all participants agreed that this meeting marked a significant milestone in establishing a unified compliance culture within the Group, with plans for it to be held annually as a continuous development initiative. Collaboration emerged as a key theme and encouraging subsidiaries to interact and share knowledge and resources to enhance compliance efforts.
A zero-tolerance policy for non-compliance was emphasized, along with a commitment to achieving a high level of compliance that exceeds regulatory expectations. A strategic partnership was formed with the one of renowned training institution, which will provide tailored training for professionals for all levels of seniority and across all three levels of defence. A session demonstrated advancements in the use of technology, including AI, to enhance compliance practices.

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