Regulatory Alerts2022-10-11
Added · Updated
Proposed Amendments to Resolution No. (3) of 2018 Regarding Escrow Account of Off-Plan Sale Projects
The Central Bank of Bahrain (CBB) has issued a consultation requesting all retail banks to review the Real Estate Regulatory Authority’s draft amendments to Resolution No. (3) of 2018 governing escrow accounts for off-plan property sales. Banks must submit their feedback, including formal "nil comments," in an editable format to the CBB by 11 October 2022. The complete draft resolution is publicly accessible on the CBB website under its Open Consultations section for stakeholder review.
Office of the Governor
OG/338/2022
4th October 2022
Chief Executive Officer
All Retail Banks
Manama
Kingdom of Bahrain
Dear Sir/Madam,
Consultation: Proposed Amendments to Resolution No. (3) of 2018 Regarding Escrow Account of Off-Plan Sale Projects
With reference to Resolution No. (3) of 2018 Regarding the Escrow Account of Off-Plan Sale Projects, the Central Bank of Bahrain (CBB) has received a draft Resolution on proposed amendments to it (please see copy attached) from the Real Estate Regulatory Authority (RERA).
The CBB requests all retail banks to review the attached draft Resolution and provide the CBB with their comments including “nil comments” in an editable format to consultation@cbb.gov.bh by 11th October, 2022.
The draft Resolution is also available on the CBB website (www.cbb.gov.bh) under the “Open Consultations” Section.
Yours faithfully,
Rasheed M. Al Maraj
Governor
cc: Bahrain Association of Banks
Real Estate Regulatory Authority
ص.ب : ٧٧، المنامة - مملكة البحرين
هاتف: (+973) 17057000 - فاكس: (+973) 17057799
P.O. Box : 27, Manama - Kingdom of Bahrain
Tel: (+973) 17547500 - Fax: (+973) 17537799
website: www.cbb.gov.bh
E-mail: governor@cbb.gov.bh
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