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Article 56

Any company, firm, agent or representative who wishes to practice the banking profession in the State of Bahrain must file with the Agency an application to this effect. The Agency may accept the application and grant the license to practice the banking profession, or refuse to grant the license, stating the reasons on which its refusal was based.

The Agency's acceptance to grant the license shall be subject to the approval of the Ministry of Finance. The license may not be granted to any person to operate as a banking firm — with the exception of foreign banking firms — unless such person has taken the form of a corporation organized in accordance with the provisions of the laws of the State of Bahrain.