International Shia News Agency
Other News

Bank and Iran Insurance Company into Administration

SHAFAQNA – The central Bank of Bahrain (CBB) has placed the Iranian Future Bank and Iran Insurance Company into administration since Thursday, April 30, 2015.

CBB mentioned in the decision it issued yesterday that, The Central Bank of Bahrain (“CBB”) has today exercised its powers under the Central Bank of Bahrain and Financial Institutions Law (Decree No. 64 of 2006) and has, with immediate effect, placed Future Bank and Iran Insurance Company into administration.”

Accordingly, the CBB will assume the role of the administrators of the two institutions to safeguard and protect the rights of depositors and policyholders.

The CBB said it wishes “to reassure both the local and International financial community that this measure is an isolated incident and will not impact any other bank or insurance company in the Kingdom.”

“Indeed Bahrain’s banking and insurance sectors remain sound, well-capitalised, well-regulated and continue to develop and grow with confidence,” the CBB said

Related posts

Questions and Answers on Fasting for Muslims in the West / The Grand Ayatollah Sistani’s Fatwa

Yahya

Bahrain demonstrations on eve of February 14

asadian

Bahrain: Prisoner suffers psychological problems

asadian

Bahrain: Prison Administration Rejects Ahmed Jaafar’s Family’s Visit Request

asadian

HRW & BIRD: Bahrain arbitrarily detains 6 children in orphanage

asadian

Italy urges release of detained Bahraini Rights Activist

asadian

Leave a Comment