JBOS set to replace CBB’s existing BUB system in Bahrain
With the introduction of the newly created Judicial Banking Orders System (“JBOS”) in Bahrain, the Ministry of Justice, Islamic Affairs, and Waqf (abbreviated “MOJ”) will institute a new system for blocking and unblocking orders with all banks that take part in the programme. Therefore, the current Blocking and Unblocking (“BUB”) system at the Central Bank of Bahrain (“CBB”) has been replaced by the new system. Team 10xDS will be providing assistance to Bahraini financial institutions in the process of adopting, implementing, and adhering to the instructions relevant to the new JBOS system. Our team has conducted a comprehensive analysis of the manuals and will be collaborating with the banks to carry out the process of implementing the new system.