IslamicFinance.de

Bahrain's central bank said on Tuesday it is taking steps to close down Iranian-owned Future Bank, which is based in the Gulf state. Bahrain's central bank has not elaborated on its reasons for the action. Future Bank, based in Manama, is a commercial bank which was founded as a joint venture between two Iranian banks - Bank Saderat and Bank Melli - and Bahrain's Ahli United Bank. The bank's assets stood at 569.4 million dinars ($1.51 billion) at the end of September 2015. On Monday, Ebtisam al-Arrayed, head of regulatory policy at the central bank, said that the regulator had yet to make a decision about Future Bank after placing it under its administration last year, along with Iran Insurance Co - the Bahrain branch of an Iranian insurer.