Bahrain Archives - Page 20 of 27 - LexisNexis Middle East

Bahrain: First Renewable Energy Certificate Issued

25/07/202024/07/2020
by Benjamin Filaferro

Following directives from Bahrain’s Government Executive Committee, the President of the Sustainable Energy Authority has announced the first Renewable Energy Certificate has been issued. The aim is to enhance the use of renewable energy in the Kingdom and it has been issued as part of the phased implementation of the renewable energy certification programme. The programme will use Blockchain solutions to ensure transparency and enable the tracking and verification of every certificate issued to each system registered in the programme to prevent electronic breaches. It will allow producers to directly record the productivity of the renewable energy systems they own on the platform so the Authority can verify the amount of energy produced and approve it through a Renewable Energy Certificate. The Certificate will be issued electronically for every 1 megawatt hour produced and approved by the Authority. Producers of renewable energy will also be able to offer renewable energy certificates for sale to those looking to invest in renewable energy and benefit from certificates to overcome the challenges preventing them from producing renewable energy themselves. It will enable investors and financing institutions to evaluate investment opportunities, finance sustainable energy projects and verify energy output produced through reliable and approved programmes and tools.

News developments

Bahrain: Reorganisation and Bankruptcy Law Amendments Issued

20/07/202020/07/2020
by Benjamin Filaferro

Bahrain’s King has issued Bahrain Decree-Law No. 25/2020 amending Bahrain Law No. 22/2018 on reorganisation and bankruptcy. Under the amendments, Article 19 of Bahrain Law No. 22/2018 has been amended to read ‘The debtor and the creditor and every other party that has interest in the case has the right to participate in the bankruptcy procedures and in obtaining, from the court of the bankruptcy trustee, the information related to the debtor’s business and his financial affairs and the taken procedures and the measures and that is all pursuant to the provisions of the law’. Article 30(b) of Bahrain Law No. 22/2018, Article 33(a) of Bahrain Law No. 22/2018 and Article 33(b) of Bahrain Law No. 22/2018 have also been amended. The Prime Minister and relevant Ministers will be responsible for enforcing the Decree-Law which will come into force on the day after its publication in the Official Gazette.

News developments

Bahrain: Some Labour Market Regulatory Authority Fees Reduced

11/07/202010/07/2020
by Benjamin Filaferro

Bahrain’s Cabinet has approved a decision reducing some Labour Market Regulatory Authority fees. Fees for the issuing and renewing of all work permits issued for one year and all monthly fees related to them have been reduced by 50%. The reduced fees will remain in force for three months from July 2020. In addition, employers who engage in business activities most affected by Coronavirus are exempt from paying these fees for three months from 1 July. They will only be exempt if approved by the Deputy Prime Minister and chairman of the Ministerial Committee for Financial, Economic and Financial Balance Affairs.

News developments

Bahrain: Sports Dispute Resolution Law Amendments Being Considered

27/06/202026/06/2020
by Benjamin Filaferro

Bahrain’s Cabinet has discussed amendments to the Kingdom’s Sports Dispute Resolution laws. The aim is to enable disputes related to athletes and technical and administrative staff at clubs as well as sports entities to ensure they are consistent with the Olympic Charter and FIFA laws. A memorandum on this subject was submitted by the Youth and Sports Affairs Minister and has been referred to the Ministerial Committee for Legal and Legislative Affairs.

News developments

Bahrain: Sukuk Murabaha Service Launched

13/06/202012/06/2020
by Benjamin Filaferro

Bahrain’s Central Bank and Bahrain Bourse have launched a new service for Sukuk Murabaha for customers and banks to make the necessary liquidity and lending based on Islamic Sharia principles available. The aim is to enhance the capital market in the country. The Manager of the Banking Services Department at Bahrain’s Central Bank said these kinds of product give more variety of Islamic transactions and will help increase the depth of the market and Bahrain’s position as an Islamic banking centre.

News developments

Bahrain: Reduced Fees on Personal Loans Implemented

08/06/202008/06/2020
by Benjamin Filaferro

New administrative fees have been set by the Bahraini Central Bank which will apply to personal, certain real estate property loans from 1 June 2020. The new fees are less than the ones imposed previously by banks and will enable the customers to get loans at a lower cost and ensure greater transparency in the mechanism for calculating these fees. The rates are 100 Dinars for personal and vehicle loans and 200 to 500 Dinars for real estate property loans.

News developments

Bahrain: All Sharia Lawsuits to be Filed Online

08/05/202007/05/2020
by Benjamin Filaferro

The President of Bahrain’s Court of Cassation and Deputy President of the Supreme Judicial Council has announced all Sharia lawsuits will now be able to be filed online, including the issuing of judgments in these cases. It is part of the digitisation of justice in the Kingdom. The country’s Information and e-Government Authority is supporting the programme.

News developments

Bahrain: Rethink on Proposed Income Tax Law Urged

25/04/202023/04/2020
by Benjamin Filaferro

Bahrain’s Businessmen’s Association has urged the Government to rethink a proposed income tax law on industrial and commercial establishments. The Association is concerned about the potential negative economic effects of the law. It has asked for a proper assessment of the benefits and drawbacks of the law to be carried out and suggested any tax changes of this kind be introduced together with other GCC countries to ensure the country’s competitiveness is not damaged. The Association’s Chairman added the tax should not be imposed as the Kingdom tackles the Coronavirus outbreak.

News developments

Bahrain: Rethink on Proposed Income Tax Law Urged

18/04/202017/04/2020
by Benjamin Filaferro

News developments

Bahrain: Dismissal of a Civil Servant Charged of Receiving a Bribe

11/04/202010/04/2020
by Benjamin Filaferro

Bahrain’s Supreme Administrative Court has upheld a decision to dismiss a civil servant who had been referred to the criminal court with a charge of receiving a bribe. The civil servant was acquitted of the charge, however, a disciplinary decision was still taken against him. The Supreme Court has said that the decision to acquit the employee in the criminal case did not prevent him from being subject to disciplinary measures and did not lift the suspicion completely. The Supreme Court added disciplinary measures were independent of other cases because each of them had its own legal system. The employee requested the Supreme Court to cancel the decision to dismiss him. He was dismissed because he had requested money from one of the service providers he was working with on some projects for a government ministry.