MANAMA: The Central Bank of Bahrain (CBB) on Thursday said that it was exercising its powers under the Central Bank of Bahrain and Financial Institution Law (Decree No. 64 of 2006) and, with immediate effect, placing 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.
“We want 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,” the CBB in a statement said.
“Indeed Bahrain’s banking and insurance sectors remain sound, well-capitalised, well-regulated and continue to develop and grow with confidence,” the CBB said.