Bahrain, 25 November, 2024 : The Ministry of Industry and Commerce in Bahrain has announced that the first phase of Resolution No. (43) of 2024, concerning payment systems for commercial transactions, will go into effect on December 13, 2024. This phase applies to new commercial establishments.
The resolution aims to enhance transparency and regulate financial transactions for all commercial establishments, including virtual shops registered on the Sijili platform. It requires businesses to open commercial bank accounts for their transactions and provide electronic payment services, such as e-payment platforms, POS machines, or e-portals approved by the Central Bank of Bahrain.
Minister Abdulla bin Adel Fakhro emphasized that this decision supports the Kingdom's economic and technological advancements, enhances business efficiency, and contributes to a safer financial environment. He also highlighted that establishments must exclusively use their commercial bank accounts for all transactions to improve transparency and provide a clearer view of their financial conditions.
The decision will be implemented in two phases: the first phase starts on December 13, 2024, for new establishments, while the second phase, beginning on June 13, 2025, will apply to existing businesses, giving them six months to comply.
Source : www.moic.gov.bh
