Bahrain revamps banking framework

Professional Adviser
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The Bahrain Monetary Agency (BMA) has introduced reforms to modernise and strengthen the licensing f...

The Bahrain Monetary Agency (BMA) has introduced reforms to modernise and strengthen the licensing framework for banks operating in the kingdom. The reforms came into effect on 1 July and complete the BMA's drive for a clearer, more modern banking licensing regime. Similar licensing reforms were implemented in the insurance industry in April 2005, while the investment business sectors came under scrutiny a year later. Rasheed Mohammed Al Maraj, governor of the BMA, said under the revised banking regulations all regulated banking activities were clearly defined, giving clarity and legal c...

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