Bahrain-based Ithmaar Bank has urged its customers to start using their International Bank Account Numbers (IBAN) ahead of its scheduled compulsory implementation from January 31, 2012.

In line with Central Bank of Bahrain (CBB) directives, all banks operating in the Kingdom are migrating to the International Bank Account Number (IBAN) standard to help increase the efficiency of electronic payments.

Following the migration, each existing account number will be assigned a unique IBAN code that will be used to send and receive electronic payments within Bahrain as well as between banks in Bahrain and those abroad.

Ithmaar Bank, which was fully compliant with the CBB’s IBAN implementation requirements by June 2011, has since been urging customers to note their IBAN and start using the number as soon as possible.

“The CBB has directed that, effective January 31, 2012 - which is only a few months away - all customers of all banks in Bahrain must use IBAN to receive electronic payments from any bank both within Bahrain or abroad,” said Ithmaar chief executive and member of the board, Mohammed Bucheerei.

“All customers will also have to use IBAN to send electronic payments to a bank within Bahrain, as well as to banks in other countries that have made IBAN compulsory. Customers can, of course, also use IBAN to send electronic payments to a person in a country that has adopted the new standard but not made it compulsory,” he said.
 
'In line with our long-standing commitment to providing our customers with the best possible banking experience, Ithmaar was among the first to fully implement the IBAN standard,' he added.

According to him, the IBAN will improve the security and efficiency of bank-to-bank electronic payments for all customers.

“It is important, however, for customers to start using their IBAN and soon as possible because, in only a few months, they will be required, by law, to do so – and the sooner they get used to it, the better,” he stated.

“The smooth implementation of IBAN in Bahrain, under the directives and with the guidance of the  CBB, is in line with Bahrain’s Vision 2030 which provides a road map to Bahrain’s continued prosperity under the wise leadership of His Majesty King Hamad bin Isa Al Khalifa,” said Bucheerei.

“We are pleased that we have been able to contribute to realising that vision by being one of the first Banks in Bahrain to comply with the CBB’s directives” he added.-TradeArabia News Service