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Bahrain places 2 Iranian banks under administration

The Central Bank of Bahrain announced it has placed two Iranian financial institutions into administration with effect from 30 April. The targeted Iranian enterprises are the Future Bank and the Iran Insurance Company. The CBB has announced in a statement that it will assume the role of the administrators of the two “to safeguard and protect the rights of depositors and policyholders”. The decision has been based on the Central Bank of Bahrain and Financial Institutions Law. The central bank further emphasized that 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. Based on the CBB law, the Administrator shall have all the powers necessary for the management and running the business of the entity that has been put under administration and is technically called the licensee. Based on Bahrain’s laws, the Future Bank and Iran Insurance Company can appeal to the decision to put them under CBB administration within 10 days. They can also challenge the decision of administration before a competent court within 30 days.

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