KPMG in Bahrain, in support of the Central Bank of Bahrain’s (CBB) Waqf Fund, delivered a training program to the senior compliance officers of Bahraini banks. The program was a unique bespoke one custom-built to support and enhance the learning curve of Compliance Leaders within Islamic Banks and Islamic Financial Institutions in the Kingdom of Bahrain. The program provided compliance leaders with a combination of theoretical and practical solutions leveraging off global, regional and national best practices within the Financial Services sector as a whole.
The 10-day intensive program covered thematic approach towards a range of technical topics relevant to the role of the Chief Compliance Officer within Financial Institutions. It also highlighted some of the future trends and expectations from the industry at a global, regional and national level to support the growth of the participating leaders within their organizations.
Jeyapriya Partiban, Partner and Head of Advisory at KPMG in Bahrain, commented during the opening of the program: “I believe that the program is a significant indicator of the Central Bank’s market growth and stability strategy to ensure that they are continuously upskilling Bahraini professionals within the marketplace. This is also in line with our values to invest in the development of learning programs which are based on experiential learning, case studies and practical industry experience. We deliver these via interactive sessions and invite guest speakers from the industry to ensure that the industry leaders have access to best standards and practices.” Priya also stated that, “The Financial Services industry has been evolving quite rapidly post-pandemic, and the number of new regulations and laws that have been issued along with the amendment of prevalent laws has been quite significant. It is critical for Compliance Officers within the marketplace to keep themselves updated to the constantly evolving landscape driven by risks and opportunities.”
The Waqf Fund is an industry initiative operating under the auspices of the CBB and is instrumental in planning and hosting many Islamic Finance related training, education and research initiatives since its inception in 2006.
“We are focused on developing the human capital in the Kingdom of Bahrain for our member institutions. The Waqf Fund’s programs are a true testament to enhancing our leadership skills in the Islamic Finance sector” stated Mr. Khalid Hamad Al-Hamad, Chairman of the Waqf Fund and Executive Director Banking Supervision at the CBB.
“The Islamic banking industry is a vital part of the Banking and Financial Services sector in the marketplace both in the region and many other countries / economies world-wide. This drives our intent to invest in developing the leadership and human capital required to drive the industry. The funding from the Waqf Fund is targeted to help upskill and develop our future generation of leaders in the Kingdom of Bahrain; and to grow and diversify the banking industry in a sustainable and secure manner.”
The program featured keynote and guest speakers including subject matter experts and compliance professionals from Bahrain and UAE including Lamees Al Baharna; Waheed Rathore, Group Chief Compliance Officer, Dubai Islamic Bank (DIB); Eduardo Rangel, Chief Compliance Officer, Abu Dhabi Islamic Bank (ADIB); and Dr. Sunando Roy, Advisor-Inspection, The Central Bank of Bahrain (CBB).
The ten-day program covered key topics including Governance and Culture; Risk Assessments; People, Skills and Due Diligence; Technology and Data; Monitoring and Testing; Reporting; Issues Management and Investigations; and Communications and Training to be able to provide all the leaders with a holistic learning curriculum.
KPMG in Bahrain is a member firm of KPMG international. The firm was established in 1968 as Bahrain’s first national accounting and auditing firm, and it has grown to be one of the largest professional services firms in the country. The firm provides Audit, Tax and Advisory services to a wide array of clients operating in different sectors, utilizing the in-depth technical and industry experience of its professional staff.