Bahraini banks: Banks continuing delaying installments until the end of the year

Bahrain

Bahraini banks have confirmed that banks are preparing to continue supporting their customers and start receiving their requests to postpone the installments they owe until the end of this year.

This came in response to banks operating in Bahrain to the royal directives, the Council of Ministers, and the Central Bank of Bahrain, and an appreciation of the great efforts made by the government in providing all support to the national economy and all economic activities and to citizens and residents in order to mitigate the effects of the Corona pandemic, and realizing the importance of the role it plays in Support these efforts.

The Bahraini Banks Association also announced that retail banks and financing companies operating in the Kingdom of Bahrain will provide their individual and corporate customers with the option to postpone installments from September until the end of the current year 2020, provided that interest rates and fees prescribed by banks on these loans and financing are calculated during the postponement period with the same conditions.

The provisions currently applied, bearing in mind that the period of repayment of the loan or financing will increase proportionally in order to keep the amount of the installment unchanged, as the banks will inform their customers.

The association called on individuals wishing to benefit from the installment postponement, with the same conditions included in the existing contracts and agreements, to submit their requests through the link that their bank will send in the near future to the mobile number registered with it to complete the necessary procedures, or through any other means of communication, during an appointment A maximum of seven days from the date of contacting them.

As for companies wishing to postpone their installments, they can communicate directly with their account manager in the concerned bank. In the event that the request to postpone the installments is not submitted, the installments will continue as usual without any change.