Judicial Banking Orders System (JBOS) set to replace CBB’s existing Blocking and Unblocking system
The Ministry of Justice, Islamic Affairs, and Waqf (abbreviated “MOJ”) will implement a new system for blocking and unblocking orders with all banks that participate in the new Judicial Banking Orders System (“JBOS”). As a result, the new system is expected to replace the Central Bank of Bahrain’s (“CBB”) existing Blocking and Unblocking (“BUB”) system “. On December 23, 2020, the Central Bank of Bahrain (CBB) had declared it essential for Bahraini banks to comply with the orders relating to the blocking/unblocking client accounts, with a deadline of one day to fulfill the requests.
The new system, JBOS, will be maintained solely by the Ministry of Justice and will be used to send any judicial orders pertaining to bank accounts. The present BUB system and the new JBOS will operate in tandem until October 2, 2022, when the JBOS will completely replace the existing BUB system. Meanwhile, the MOJ invites banks to test the JBOS.
The MOJ has directed that credits into all accounts subject to a court blocking order be authorised (which means that funds may be credited into the account but cannot be withdrawn), subject to all relevant laws, rules, resolutions, and directives, including the CBB Rulebook.
10xDS team had helped several leading Islamic Retail banks in Bahrain to automate the existing Block/ Unblock account process. We will also be helping the Banks to adopt, implement and adhere to the instructions pertaining to the new JBOS system. Our team has reviewed the manuals in detail and working with Banks on implementation.