Bahrain Mirror: The Parliament passed a bill in its session held on Tuesday (February 7, 2017) expanding the authorities of Bahrain Central Bank, allowing it to perform its role more effectively and putting Bahrain Institute of Banking and Finance under its control.

The decree stipulates amending article 140 of the Central Bank of Bahrain and Financial Institutions Law that includes adding new power to the administrator of a financial institution allowing him to sell assets according to regulations mentioned in the amended text.

In his intervention, Rasheed Al-Maraj, Governor of Central Bank of Bahrain, denied that the amendments mentioned in decree 21/2016 modify some of the Bank and financial institutions' provisions to give the bank absolute powers.

He said "these amendments came as a result of the experience witnessed by the Bank in the last period," indicating that "the imposed fees are in return for services provided by the financial institutions the bank is dealing with. We have been providing free services for the financial sector. We used to save the surplus of banks cash money every day. We used take these money, count them, classify them and put them in a safe. The bank bears the cost for no return."

Al-Maraj further stated "the other thing is related to the special amendment regarding the bank's authority when any financial institution faces any condition. The bank works on restructuring it or transferring it the court to liquidate it. We had a previous experience with a bank and we have come under pressure with the creditors because the institution had assets in various countries across the world. We were tied up in such cases."

Arabic Version