Bahrain is setting up credit information centres as part of efforts to streamline financial procedures and encourage funding solutions.

The new bureaus will complement the work of banks and government-related financial departments in providing funding solutions to individuals and companies, said a report in the Gulf Daily News (GDN), our sister publication.

The plan was unveiled as His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa chaired the weekly Cabinet meeting.

His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Premier, attended.

The centres, supervised by the Central Bank of Bahrain (CBB), would research and collect individual credit information which will help banks and financial institutions to provide funding services, whether to individuals or companies.

"Terms and conditions governing credit information centres have been approved," said Cabinet secretary-general Dr Yasser bin Essa Al Nasser.

The rules and regulations include particularly the confidentiality of credit information, banning any divulgence of personal data. Under the new procedures, credit information will be protected to ensure maximum safety.

Clauses of the law 64 for 2006 on the CBB and financial institutions will be amended to include the new terms and a draft law will be referred to parliament for approval.

Meanwhile, Bahraini workers were yesterday urged to continue their dedicated efforts to increase productivity and enhance their performances.

They were congratulated on International Workers' Day, which falls on Friday, for their crucial role in building Bahrain.

The Cabinet hailed workers and their trade unions for their dedicated efforts to improve the work environment and preserve labour gains.

Government employees or disabled workers in charge of a first-degree handicapped relative could be granted a "two-hour care". The ministerial committee for legal affairs has been assigned to study the terms and conditions in this regard.

Bahrain extended heartfelt condolences to Nepalese President, government and people following the devastating earthquake which struck their country, leaving thousands dead and injured. - TradeArabia News Service