rasheed mohammed al maraj : key developments in bahrain and the region speech by his excellency rasheed mohammed al maraj, governor of the central bank of bahrain, at the 4th annual middle east insurance forum, manama, 8 may 2007. * * * your excellencies, ladies and gentlemen : good morning. it gives me great pleasure to welcome you to the 4th middle east insurance forum. this event has established itself as one of the region ’ s leading insurance conferences, and my thanks go to the organizers, sponsors and speakers for producing what promises to be a fitting 4th edition of this conference. this year ’ s theme for the forum – “ growth opportunities in a dynamic region ” – is particularly apt. we are, of course, experiencing a sustained period of vibrant growth and liquidity that hasn ’ t been seen in over twenty years. underpinning this has been some significant developments in terms of structural reforms, both political and economic. these developments, naturally, have not gone unnoticed by the rest of the global business community. in particular, a number of international insurance groups have recently moved to establish regional offices, or to gear up their existing presences. we welcome this trend, and look forward to working with these groups in further developing the region ’ s insurance markets over the years to come. by way of setting the scene for the presentations and discussions to follow, i propose this morning to spend a few minutes highlighting some of the key developments that have taken place in bahrain and the region since we last hosted this event. the key message, i believe, is that the regulatory foundations built up by cbb are now beginning to bear fruit, and offer firms a solid base from which to tap into significant regional opportunities. for its part, the cbb has over the past year continued to refine and implement the completely new regulatory framework that was developed following the creation of a single regulator in 2002, and implemented from 2005 onwards. comprehensive solvency reporting by insurance firms has now been rolled out, as have on - site examination visits. these efforts are helping raise standards in the local industry, and will help strengthen its competitiveness over time. they have also been achieved in a spirit of cooperation, and i should like to take this opportunity to thank the industry for their support. a related key development over the past year has been the start of reporting under the new international financial reporting standard no 4, and the significant impact it has had on the insurance industry in terms of reporting. the

nbs ips qr code using our mobile banking applications. today, instant payments are available at merchants ’ points of sale and electronic points of sale, and several online merchants have enabled instant payments in their internet shops. among the first in europe, the users of financial services in serbia can also conclude distance contracts on financial services. they can do so with full transparency, security and protection of their rights. opening a payment account, or applying for a payment card or a loan is possible without going to the bank, which proved to be very practical during the pandemic, when it was important to provide financial services and maintain health at the same time. what do the figures tell us? last year, the number of distance contracts concluded increased by around 62 % relative to 2019, and the number of contracts concluded with the use of video identification of users is also on the rise. we are facing a period of even greater use of these options. however, here, too, i want to repeat that innovation makes life easier, but technologies must serve people, and not the other way round. they are instruments for achieving goals, not the goal in itself. technology alone cannot solve economic challenges : it cannot set priorities or make decisions about spending or investments. only people can do that. that is why knowledge and human capital remain one of the key drivers of development and change in the 21st century. respected participants of the business forum, i don ’ t think anyone can declare victory over the coronavirus or an end to the fight for even greater growth and a better quality of life. on the contrary. i think there are no final victories, in life or economy. also, i think that the pandemic hasn ’ t changed the reform momentum. since 7 / 8 bis central bankers'speeches we are here today in the “ ivo andric ” hall, there ’ s no one better to quote but him : “ whoever does good is expected to give even more good. ” i believe that we lack neither progress nor tasks. it is our obligation and task to leave a stronger country to future generations and to preserve the foundations of growth despite the pandemic, because life must go on once the pandemic is over. we continue to fight for every job, for greater ease of life and business and for a better future for our children. and because of this, i am sure that everyone in serbia, president vucic above all, will do everything that this year ’ s growth exceeds all our