Latest news with #Sijili
Daily Tribune
03-07-2025
- Business
- Daily Tribune
BisB named Best Islamic Bank in Bahrain by Islamic Finance News
Bahrain Islamic Bank (BisB), the leading provider of innovative Islamic financial solutions for simplifying money matters in the Kingdom of Bahrain, has been named 'Best Islamic Bank – Bahrain' by Islamic Finance News (IFN). Ms. Fatema AlAlawi, Chief Executive Officer of BisB, stated: 'This prestigious recognition from Islamic Finance News reaffirms the strength of our progressive organisational strategy and the principles that define our institution.' Among the Bank's most significant achievements over last period was the expansion of its Corporate Digital Onboarding platform, enabling sole proprietorships and 'Sijili' CR holders to open accounts in under five minutes. Integrated directly with the Ministry of Industry and Commerce (MOIC), the system has improved the ease of doing business for SMEs across Bahrain.
Bahrain News Gazette
06-05-2025
- Business
- Bahrain News Gazette
Industry Ministry Enforces New Regulations for Business Bank Accounts and Digital Payments
Manama: Bader Fareed Al Saad, Director of the Registration at the Ministry of Industry and Commerce, addressed a press conference concerning the implementation of Ministerial Decision (43) regarding commercial payment regulations. He emphasized the significance of these regulatory measures in fostering economic development by enhancing the business environment and aligning with global trends in digital payment systems. According to Bahrain News Agency, Al Saad clarified that all commercial establishments are mandated to open at least one dedicated business bank account per establishment, irrespective of the number of branches. He stressed the necessity for these transactions to be conducted exclusively through business accounts rather than personal ones, highlighting the importance of compliance for transparency in financial dealings and the protection of the national economy. Al Saad stated that the directive requires commercial establishments to link their business bank account to their commercial registration and to provide at least one digital payment method. This requirement aims to ensure transparency and legal compliance in all transactions. He further explained that the primary objective is to raise awareness among business owners about the importance of adopting regulated financial practices, facilitating compliance with contemporary commercial laws, enhancing the business environment, and safeguarding consumer rights. The new regulations promise multiple market benefits, including improved consumer protection through regulated transactions, safer money transfers, and an increase in digital payment options to support e-commerce. The measures are expected to enhance cash flow tracking, combat money laundering through accurate financial data, and improve compliance with VAT and related laws. The decision encompasses all commercial entities, including companies of all sizes-small, medium, and large-individual enterprises with official commercial registrations, and registered virtual stores under the 'Sijili' online system, which must adhere to the same rules as conventional businesses. Al Saad reiterated that each commercial entity must open at least one business bank account per establishment and ensure all transactions are conducted through that account. He mentioned that new commercial registrations must update their information before issuance, while existing records are being gradually integrated to ensure a seamless transition to full compliance. The directive aims to reduce dependence on unregulated cash transactions, which can lead to tax evasion and opaque finances. The ministry intends for business bank accounts to be central to financial operations to improve oversight and simplify audits, marking the first phase of a gradual transition towards a fully digital economy. The implementation of Ministerial Decision (43) follows a phased timeline, with the decree issued and the gradual rollout initiated on June 13, 2024, in coordination with relevant authorities. The first phase, involving account registration and digital payment setup for businesses, is expected to be completed by December 2024. The second phase, integrating these businesses into a central system, is anticipated to conclude by June 2025, ensuring full implementation of the order.
