MANAMA, 5 July 2007 — The Central Bank of Bahrain (CBB) yesterday unveiled a major initiative aimed at enhancing business practices for retail banks and financing firms offering products and services to retail customer base in Bahrain. The initiative, according to leading banks, will be proved as a major step toward bringing better quality in terms of products and services as well as transparency. Announcing the initiative called the Code of Best Practice on Consumer Credit and Charging, the CBB official told a press conference that retail banks and financing firms offering consumer credit and other consumer products will have to adopt a code of conduct aimed at enhancing transparency and promoting a better understanding of consumer loans and other consumer products and services.
The banks and financial institutions will have to submit their respective action plans by end of this month and to be implemented within 90 days across the board.
