Al Baraka Group Strengthens Compliance Framework with Inaugural Annual Group Meeting in Bahrain

Al Baraka Group B.S.C (c) (ABG), a leading international Islamic banking institution headquartered in Bahrain, successfully held its first Annual Group Compliance Meeting (AGCM) on 2–3 December 2024. Bringing together compliance experts and executives from the Group’s subsidiaries across 13 countries, the event marked a pivotal moment in enhancing compliance practices and fostering a unified culture of financial integrity.

Meeting details and objectives

The meeting was chaired by Dr. Khaled Ateeq, Chairman of the Compliance and Governance Board Committee, with the esteemed participation of the Central Bank of Bahrain. Discussions covered a wide array of topics, including Anti-Money Laundering (AML) developments, evolving regulatory landscapes, and innovative technologies to monitor compliance. The event also emphasized collaborative efforts to address challenges and share strategies among subsidiaries.

In his opening remarks, Dr. Ateeq underscored the significance of proactive compliance, stating, “Our industry faces evolving complexities. By prioritizing compliance, we protect our reputation, fulfill our regulatory obligations, and reinforce stakeholder trust.”

The importance of compliance in enhancing profitability

Adding to this, Group CEO Mr. Houssem Ben Haj Amor highlighted the necessity of embedding compliance into the Group’s core values. He emphasized that robust compliance structures are integral to fostering profitability, financial stability, and ethical operations.

Mr. Abdul Malek Mezher, Group Head of Compliance, Governance & Board Affairs, discussed the importance of leveraging modern tools, including artificial intelligence, to combat money laundering and terrorism financing. He stressed that compliance must transcend rule adherence, becoming a cultural cornerstone embraced by all organizational levels.

A Unified Vision for Compliance Excellence

The event concluded with a shared vision to make the AGCM an annual initiative. Participants agreed on the importance of knowledge sharing, regulatory adherence, and the adoption of cutting-edge compliance technologies. Plans include partnerships with renowned training institutions to provide tailored professional development across all levels of the organization.

With its strong commitment to ethical financial governance, Al Baraka Group continues to lead by example, reinforcing its role as a pioneering force in Islamic banking and compliance innovation.

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