38 C
HomeNewsBAB Introduces Cutting-Edge System for Rapid Execution of Judicial Orders on Bank Accounts

BAB Introduces Cutting-Edge System for Rapid Execution of Judicial Orders on Bank Accounts

Follow Bahrain This Week on Google News
- Advertisement -

The Bahrain Association of Banks (BAB) has announced that the newly implemented judicial orders related to bank accounts, known as the JBOS system, will ensure the swift transmission of judicial orders immediately after they are issued by the judge. This system will contribute to reducing the burden of the accumulation of judicial orders and marks a significant improvement in litigation procedures for financial cases.

BAB expressed its appreciation for the Central Bank of Bahrain’s role in launching this system, providing its expertise and guidance. Additionally, the association acknowledged the efforts of the Ministry of Justice, Islamic Affairs, and Waqf in launching and managing the JBOS system and achieving the aspirations of Bahraini banks and their customers.

It is important to note that the new JBOS system is now fully managed by the Ministry of Justice and has replaced the previous account suspension and cancellation system, known as BUB, which was previously managed by the Central Bank of Bahrain.

Her Excellency Ms. Dana Khamis Al-Zayani, Undersecretary of Planning, Family Conciliation and Alimony at the Ministry of Justice, Islamic Affairs and Waqf, has stated that the introduction of a new electronic system for judicial matters related to financial transactions is part of the Ministry’s commitment to leverage digital transformation in order to enhance services for all customers. This system is expected to increase flexibility, transparency, and speed in the overall process of procedures.

- Advertisement -

Dr. Waheed Al Qassim, CEO of the Bahrain Association of Banks, highlighted the Association’s role as an effective mediator between the Ministry and the banking sector during the testing period of the new system, ensuring that all parties’ requirements were met. He stated that the system is expected to gradually evolve in the interest of all, taking into account all suggestions to ensure the implementation of all provisions smoothly while safeguarding the rights of individuals and banks.

Ms. Amal Saif, Head of the Islamic Banks Committee at the Bahrain Association of Banks, explained that the new system requires banks to respond daily to judicial requests related to funds and their collection in bank accounts. As a result, written electronic judicial letters to banks requesting amounts to be collected are no longer issued.

Ms. Saif affirmed that the new system replaces the electronic letters previously sent by the courts directly to banks for the transfer of funds. The system provides information on the amounts that must remain in individuals’ accounts, and it automatically sends an order to cancel the seizure of the amount and debit the individual’s bank account immediately after the bank’s response to the court order.

- Advertisement -

Check out our other news

Trending Now

Latest News