Bahrain’s CBB clears way for Bahrain Clear

Manama : Bahrain Clear Company has obtained a licence from the Central Bank of Bahrain (CBB) to provide settlement, depository of securities, custodians, and other services to companies, investors, and other related parties as listed in its article of association. 

The move, according to the company, also means the end of separation of duties and responsibilities of clearing, settlement and central depository services from the Bourse. “Bahrain Clear will now be independently responsible for these duties administratively and technically. This means that Bahrain Clear will be able to develop existing services and provide other services to the company’s clients in accordance with the international standards,” Khalifa Bin Ibrahim Al Khalifa, Chief Executive Officer of Bahrain Bourse said.  

The commencement of Bahrain Clear is expected to be announced in the coming weeks, said Abdulkareem Ahmed Bucheery, Chairman of Bahrain Bourse. 

Bahrain Clear is a fully owned subsidiary of Bahrain Bourse with a disclosed capital of 5 million Dinars, and a paid up capital of 1m Dinars. The Board of Directors of Bahrain Clear is headed by Abdulkareem Ahmed Bucheery, whereas Shaikh Khalifa bin Ibrahim Al Khalifa is the Vice Chairman and Yasser Abdul Jalil Sharifi, Mohamed Khaled Hamed, Narjis Faroukh Jamal, and Mahmoud Abdulaziz Al Meer are board members.