The
Central Bank of Bahrain (CBB) is the central bank of the Kingdom of Bahrain, established on September 6, 2006, to succeed the former Bahrain Monetary Agency. The headquarters is located in the diplomatic district of Manama, the capital of Bahrain. As a public legal entity, the CBB is wholly owned by the government and the president is appointed by the king. The current President is Rasheed Mohammed Al Maraj, who has held this position since January 2005.
Scope
of ServicesCBB's responsibilities include formulating and implementing monetary policy, regulating and supervising banking, insurance, investment operations and capital market activities, managing the country's foreign exchange and gold reserves, and promoting the development of Bahrain as an international financial centre. Its regulatory scope covers financial institutions across the country, including traditional banks and Islamic banks.
Regulatory &
ComplianceCBB is the sole regulator of Bahrain's financial sector and performs regulatory functions under the Central Bank and Financial Institutions Act of 2006. Its regulatory framework covers areas such as banking, insurance, investment and capital markets. CBB also has a consumer protection office that handles complaints and disputes related to financial institutions.
According
to the Financial Stability Report released in March 2024, Bahrain's local retail banks have a liquidity coverage ratio (LCR) of 205.2% and a net stable funding ratio (NSFR) of 131.1%, both of which are higher than CBB's regulatory requirements. These indicators indicate that the Bahraini banking system is liquid and stable.
Deposits &
LoansDepositsAs
a central bank, CBB does not provide deposit products directly to the public. However, the financial institutions it regulates offer a diverse range of deposit products, including demand deposits, time deposits, high-yield savings accounts, and large certificates of deposit (CDs).
Lending CBBs
do not provide direct loan services, but the banks they regulate offer a variety of loan products, such as home loans, car loans, and personal lines of credit, often with flexible repayment options.
List of Common Fees
CBB does not provide bank account services directly to the public and therefore does not charge account management fees, transfer fees, or ATM withdrawal fees. However, the banks they supervise may charge fees according to their respective policies.
Digital Service Experience
APP & Online BankingCBB
does not provide mobile applications or online banking services for the general public. However, CBB has actively promoted the development of fintech and established a fintech and innovation department to support fintech companies in testing innovative products and services in the regulatory sandbox. In addition, CBB has launched the FinHub973 Digital Lab to facilitate the development and application of open banking APIs.
Technological
InnovationCBB is committed to promoting digital transformation and supporting technological innovations such as AI customer service, robo-advisors, and open banking APIs to improve the efficiency and user experience of financial services.
Customer Service Quality
Service
ChannelsCBB provides a variety of customer service channels, including telephone, fax, online enquiry form and complaint form. Consumers can contact the Consumer Protection Office by phone at +973 1754 7789 or submit a complaint through the official website.
Complaint
HandlingCBB has clear complaint handling procedures in place to ensure that consumer complaints are dealt with in a timely and fair manner. Its Office of Consumer Protection oversees the quality of customer services provided by financial institutions and handles complaints related to financial institutions.
Multi-language
supportCBB's official website is available in Arabic and English, making it easy for users with different language backgrounds to access information and services.
Security
MeasuresFunds
SecurityCBB has set up a deposit protection program to protect the interests of depositors. Under the relevant regulations, eligible depositors can receive compensation of up to 20,000 Bahraini dinars in the event of a bank default.
Data
SecurityCBB has established a strict data security and privacy protection policy to ensure that financial institutions take the necessary security measures to protect customers' personal and financial information when providing e-banking services.
Through regulatory and policy support, CBB encourages financial institutions to develop financial products for specific groups, such as student accounts, exclusive wealth management products for the elderly, and green financial products (ESG investment).
High Net Worth
ServicesCBB-regulated financial institutions provide private banking services to provide customized financial solutions and wealth management services for high-net-worth clients.
Market Position & AccoladesCBB
has a good reputation in the international financial community as the central bank and financial regulator of Bahrain. It is committed to promoting Bahrain as an international financial center and actively participates in the activities of international financial organizations.
AwardsCBB has received several international awards and recognitions for its efforts in fintech innovation and regulation, further cementing its position in the global financial community.
