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  • Unclaimed Balances

    • BC-4.20.12

      Islamic retail bank licensees must treat the following balances that remain unpaid due to operational or other reasons as unclaimed balances:

      (a) Unclaimed balances relating to manager cheques, demand drafts, or cashier cheques which have not been presented /claimed during their validity periods;
      (b) Positive credit card balances relating to credit cards not used for a period of 1 year or more;
      (c) Unclaimed cash due to failed ATM/POS or electronic transactions for a period of 1 month or more;
      (d) Dividends that remained unpaid by non-listed Islamic retail bank licensees for a period of 1 year or more; and
      (e) Unclaimed balances relating to investments, including undistributed profits and accrued profit for a period of 1 year or more.

       

      Added: January 2022

    • BC-4.20.13

      For purposes of Subparagraph BC-4.20.12 (d), listed companies must follow the guidelines stipulated in Bahrain Bourse Resolution of year 2020, mandating the transfer of unclaimed cash dividends into the Unclaimed Cash Dividends Fund account maintained by Bahrain Clear.

       

      Added: January 2022

    • BC-4.20.14

      Islamic retail bank licensees must make attempts to periodically contact the relevant customers or the rightful parties to return the unclaimed balances through different communication means. The licensee must maintain documentary evidence of such attempts.

       

      Added: January 2022