A Bahraini banking association has called for a credit rating agency dedicated to the Arabian financial industry.
According to the Bahrain Association of Banks (BAB) chairman Adnan Yousif, such an agency would be able to comprehensively evaluate the investment climate in the region.
Yousif’s comments were made during a panel discussion at the Annual Investment Forum held in Abu Dhabi this month. The comments were reported by online news portal Trade Arabia.
Such an agency would be able to consider the “unique circumstances” of Araba countries and operate with impartiality, free from the “personal biases and international interests” of the established credit rating agencies.
Yousif added that these external influencers have contributed to inaccuracies in ratings which have consequently contributed to recent financial crises.
“It is high time for stakeholders in the Arab region to collaboratively seek an internationally recognised alternative to sovereign debt ratings, one that is more realistic and equitable, taking into account the region's robust financial conditions,” said Yousif.
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