We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 9 Mar 2020 02:32 PM

Font Size

- Aa +

Bahrain banks banned from freezing accounts after job loss

Central bank tells retail lenders they cannot freeze accounts of customers who lost their jobs or after retirement

Bahrain banks banned from freezing accounts after job loss

Bahrain’s central bank has banned retail lenders from freezing accounts of customers who lost their jobs or after retirement.

In a directive dated Sunday, the Central Bank of Bahrain said it was prohibiting such practice by retail banks in the Gulf kingdom.

It added in a statement cited by Bloomberg that the ban applied "regardless of whether or not contractually the bank has the right to take such action".

Arabian Business digital magazine: read the latest edition online

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.