Bahrain banks to reschedule customer loans after unrest

Move aims to help companies hit by political uprisings in the Gulf state, says central bank
Bahrain banks to reschedule customer loans after unrest
Central Bank Governor Rasheed Mohammed Al Maraj said the move would reduce pressure on SMEs in the kingdom
By Bloomberg
Tue 29 Mar 2011 07:21 PM

Bahrain’s banks agreed to reschedule customer loans when
needed to help companies cope with the impact of the unrest in the country, the
Central Bank of Bahrain said in an emailed statement Tuesday.

Central Bank Governor Rasheed Mohammed Al Maraj met with the
lenders yesterday “to discuss possible ways which banks may help reduce the
financial burdens on small and medium enterprises and help them overcome any
difficulties they may have faced as a result of the current climate,” it said.

In separate news, the Bahrain government agreed Tuesday to open
the mortgage market to foreign banks by allowing them to own real estate
temporarily, Bahrain News Agency said.

The foreign banks will be allowed to own the property
mortgaged for the duration of the mortgage, state-run BNA said, citing a
government decree.

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.