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