Bahrain to implement IBAN from Jan 31
Manama, December 28, 2011
From January 21, 2012, all bank customers in Bahrain need to use an IBAN when making or receiving electronic payments through banks within Bahrain or overseas.
This means a person wishing to make a payment or receive funds, both, locally and internationally, has to provide the recipient’s IBAN and not the existing bank account number. Any party expecting to receive a payment has to provide the IBAN to the sender of the payment.
IBAN is basically an account number, which is created using the international ISO standard for numbering bank accounts.
“The IBAN is specially designed to identify a bank account locally as well as internationally. Furthermore, the IBAN standard contains a mechanism to check the accuracy of the IBAN of the recipient. All these features reduce errors when writing the account number of the recipient and thereby minimizing delays in processing fund transfers” said Ahmed Buhijji, director of the Banking Service Directorate of the Central Bank of Bahrain.
“Further information on IBAN can be obtained from any retail bank or from the Central Bank of Bahrain's website at cbb.gov.bh,’ he added. – TradeArabia News Service
More Finance & Capital Market Stories
- Islamic banking ‘sustainable way forward’
- Top Swiss group acquires Merrill Mideast units
- AAIB unit starts crisis assistance travel service
- Abu Dhabi may need to lower industry growth target
- Kuwait credit hits 5-year high; tops $1.3bn
- UAE stocks rally, Abu Dhabi tops 4,000 mark
- Abraaj completes 15 exits in 2013
- Barwa gets top HSE certifications
- Egypt's forex reserves dip to $17.8bn in Nov
- Experts put spotlight on Mena tax issues