Central Bank of Bahrain, Dubai Financial Services Authority Sign MoU

Press release

Published January 21st, 2018 - 01:07 GMT

The MoU helps sharing of information between the two regulatory authorities to strengthen the supervision of cross-border operations of financial institutions under their regulation.

The Central Bank of Bahrain (CBB) and the Dubai Financial Services Authority (DFSA) today signed a memorandum of understanding (MOU) in Bahrain.

The MoU provides a formal basis for supervisory cooperation and mutual support between CBB and DFSA. It paves the way for sharing of information between the two regulatory authorities to strengthen the supervision of cross-border operations of financial institutions under their regulation.

The MoU was signed by Rasheed M. Al Maraj, Governor of CBB, and Saeb Eigner, chairman of DFSA.

Source: Trade Arabia

Background Information

Central Bank of Bahrain

The Central Bank of Bahrain ('CBB') is a public corporate entity established by the Central Bank of Bahrain and Financial Institutions Law 2006. It was created on 7th September 2006.

The CBB is responsible for maintaining monetary and financial stability in the Kingdom of Bahrain. It succeeded the Bahrain Monetary Agency, which had previously carried out central banking and regulatory functions since its establishment in 1973 (shortly after Bahrain secured full independence from Great Britain).

Company Profile

Dubai Financial Services Authority

The Dubai Financial Services Authority (DFSA) is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built free zone in Dubai.

The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.