By: Amr Adel

Mubasher: The Central Bank of Bahrain (CBB) governor, Rasheed Al Maraj, said on Tuesday that his country is not intending to issue sovereign sukuk anytime soon.

Al Maraj also told reporters on the sidelines of the World Islamic Banking Conference in Bahrain that it is too early to discuss the needed loans before the new public budget is finished and approved.

After the budget is finalized and approved, we will look at the finance needs and identify the suitable tools to address them, he added.

The governor said that the Bahraini dinar will continue to be pegged to the US dollar, and that there are no intentions to change that neither now nor in the future, he also stressed the strength of the local currency.

Answering a question from Mubasher regarding the closing of Future Bank, Al Maraj revealed that its management has been transferred to the CBB and that the required legal procedures are being undertaken to liquidate the Iranian bank.

Translated by: Moslem Ali