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  • Credit Reference Requirements

    • CM-1.3.13

      Islamic bank licensees which provide credit facilities to natural and legal persons in Bahrain must become members of the Bahrain Credit Reference Bureau (‘BCRB’). All enquiries for new or additional credit facilities in Bahrain must be submitted to the BCRB. BCRB members must meet the following requirements and incorporate them into their policies and procedures:

      (a) Establish an electronic monitoring system to detect, monitor and maintain records and a log of all access to BCRB data by the BCRB member’s employees;
      (b) Conduct a monthly internal audit on the access logs to identify unauthorised access to BCRB data by any employee without securing customer consent and report to the CBB any observed violation of Article 68 (bis (2)) of CBB Law;
      (c) Require the sign off of a BCRB member’s designated employee on their legal obligations concerning the confidentiality of BCRB data and that any violation of Article 68 (bis (2)) of CBB Law would subject them to an enforcement action in accordance with CBB Law; and
      (d) Cover compliance with the above requirements in the performance appraisal of relevant employees.
      Added: June 2022

    • CM-1.3.14

      Failure to comply with Article 68 (bis (2)) of the CBB Law and Paragraph CM-1.3.13 may result in an enforcement action taken against the CRB member, as well as the relevant employee in accordance with CBB Law. Additionally, all BCRB members must abide by the agreed Code of Practice of the BCRB (see Appendix CM-3). Any breaches to the code will be subject to enforcement action by the CBB.

      Added: June 2022