Latest news with #BahrainiDinars
Daily Tribune
04-03-2025
- Business
- Daily Tribune
Justice Minister Rejects Amendment to Review Government Contracts: Says It Hinders Decision-Making Speed
During a session of the National Assembly today, Minister of Justice, Islamic Affairs, and Endowments, Nawaf Al-Maawda, rejected a parliamentary amendment to Article 2 of the Law on the Reorganization of the Legislative and Legal Opinion Authority. The proposed amendment would subject all government contracts exceeding 100,000 Bahraini Dinars to review by the Authority. Al-Maawda stressed that the proposed amendment could create an additional burden on government-owned companies. He explained that requiring review by the Legislative and Legal Opinion Authority for contracts involving relatively small amounts could slow down procedures and delay decision-making, ultimately negatively impacting the speed of business transactions. The Minister highlighted the need for swift decision-making in the market, especially concerning state-owned enterprises. He emphasized the importance of supporting these companies by streamlining their processes to enable them to compete both locally and internationally. Despite global price increases that impact the value of contracts and deals for local companies, including government-owned ones, the government has decided to maintain the current threshold for contract review at 300,000 Bahraini Dinars. This decision reflects the government's view that contracts below this threshold have not seen significant legal challenges or disputes in the courts. Al-Maawda further explained that lowering the review threshold to 100,000 Dinars would lead to a rise in the number of contracts requiring additional review, creating more bureaucratic procedures. The goal, he emphasized, should be to support government companies and facilitate their operations, rather than creating obstacles for them.
Biz Bahrain
18-02-2025
- Business
- Biz Bahrain
BENEFIT reaches total value of 33 Billion Bahraini Dinars worth of electronic financial transactions in 2024
BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 421 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay in the year 2024. This signifies a significant 22% increase in transaction volume compared to the previous year, solidifying BENEFIT's position as a driving force in the Kingdom's digital financial landscape. The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2024, as seen by a 14% increase in total value from 29 billion in 2023 to 33 billion Bahraini dinars in 2024. Fawri+ transactions saw significant growth, reaching nearly 420 million, a 26% increase from the prior year. This was reflected in the total value of these transactions which rose to almost 9 billion Bahraini dinars, a 17% increase. Notably, Fawri+ transactions through the BenefitPay application grew by 22.88%, reaching almost 410 million. Furthermore, a total of more than 13 million Fawri transactions were made in 2024, marking a 6% increase from the previous year. The total value of these transactions surpassed 23.6 billion Bahraini Dinars, a 14% rise compared to 20.7 billion Bahraini Dinars in 2023. Almost 13 million Fawateer transactions were conducted in 2024, reflecting a 1% decrease compared to 2023. Despite this minor decline, their total value increased by 17%, exceeding approximately 1.2 billion Bahraini Dinars in 2024, up from 989.2 million in 2023. The National electronic Know-Your-Customer (eKYC) platform verifications totaled up to more than 790.5 thousand eKYC transactions verifications in 2024 in comparison to over 743.4 thousand transactions verifications in 2023, showing a substantial increase of 6.3% Demonstrating a remarkable 52.1% increase in credit report inquiries at the Bahrain Credit Reference Bureau, operated by BENEFIT, surpassed 521 thousand inquiries in 2024. Total customer credit report requests and inquiries reached 543 thousand in 2024. BENEFIT's remarkable achievements in 2024, including winning the prestigious WITSA Global Innovation & Tech Excellence Award and achieving recognition as a Great Place To Work®, are a testament to the company's unwavering commitment to excellence. These accolades reflect the hard work, dedication, and innovative spirit of BENEFIT's employees, as well as the company's commitment to fostering a positive and productive work environment. This year's results, marked by significant growth and innovation, are directly reflected in these milestones, demonstrating that BENEFIT's success is driven by both its technological advancements and its exceptional people
Zawya
17-02-2025
- Business
- Zawya
BENEFIT reaches total value of BD 33bln worth of electronic financial transactions in 2024
Manama, Kingdom of Bahrain - BENEFIT, the Kingdom's innovator and leading company in Fintech and electronic financial transactions service, announced that it reached a total volume of 421 million for all electronic fund transfer transactions (Fawri, Fawri+, and Fawateer) through BenefitPay in the year 2024. This signifies a significant 22% increase in transaction volume compared to the previous year, solidifying BENEFIT's position as a driving force in the Kingdom's digital financial landscape. The Electronic Fund Transfer System (EFTS) on all channels, which includes Fawri, Fawri+, and Fawateer, has witnessed substantial growth in 2024, as seen by a 14% increase in total value from 29 billion in 2023 to 33 billion Bahraini dinars in 2024. Fawri+ transactions saw significant growth, reaching nearly 420 million, a 26% increase from the prior year. This was reflected in the total value of these transactions which rose to almost 9 billion Bahraini dinars, a 17% increase. Notably, Fawri+ transactions through the BenefitPay application grew by 22.88%, reaching almost 410 million. Furthermore, a total of more than 13 million Fawri transactions were made in 2024, marking a 6% increase from the previous year. The total value of these transactions surpassed 23.6 billion Bahraini Dinars, a 14% rise compared to 20.7 billion Bahraini Dinars in 2023. Almost 13 million Fawateer transactions were conducted in 2024, reflecting a 1% decrease compared to 2023. Despite this minor decline, their total value increased by 17%, exceeding approximately 1.2 billion Bahraini Dinars in 2024, up from 989.2 million in 2023. The National electronic Know-Your-Customer (eKYC) platform verifications totaled up to more than 790.5 thousand eKYC transactions verifications in 2024 in comparison to over 743.4 thousand transactions verifications in 2023, showing a substantial increase of 6.3% Demonstrating a remarkable 52.1% increase in credit report inquiries at the Bahrain Credit Reference Bureau, operated by BENEFIT, surpassed 521 thousand inquiries in 2024. Total customer credit report requests and inquiries reached 543 thousand in 2024. BENEFIT's remarkable achievements in 2024, including winning the prestigious WITSA Global Innovation & Tech Excellence Award and achieving recognition as a Great Place To Work®, are a testament to the company's unwavering commitment to excellence. These accolades reflect the hard work, dedication, and innovative spirit of BENEFIT's employees, as well as the company's commitment to fostering a positive and productive work environment. This year's results, marked by significant growth and innovation, are directly reflected in these milestones, demonstrating that BENEFIT's success is driven by both its technological advancements and its exceptional people.
Daily Tribune
15-02-2025
- Automotive
- Daily Tribune
Kuwait Imposes Severe Penalties for Parking in Spaces Reserved for People of Determination
Starting April 22, 2025, motorists in Kuwait who park in spaces designated for people of determination will face severe penalties following new amendments to the country's Traffic Law. Under the revised regulations, drivers who opt to settle the violation through reconciliation will be required to pay a fine of KD 150, equivalent to approximately 18 Bahraini Dinars (BHD). However, those who choose to contest the violation in court may face far more severe consequences. The court has the authority to impose a prison sentence of up to three years, in addition to fines ranging from KD 600 to KD 1,000 (approximately 72 to 120 BHD). The Ministry of Interior has underscored the importance of respecting these specially designated parking spaces, which are specifically reserved for individuals with mobility challenges. The Ministry also emphasized that adhering to these regulations reflects a driver's awareness and respect for the community. These amendments aim to ensure that individuals with mobility challenges have access to the parking spaces they need, while also fostering a more considerate driving culture in the country.
Daily Tribune
10-02-2025
- Business
- Daily Tribune
BBK awards over BD 1 million to 119 winners from Al Hayrat
Bank of Bahrain and Kuwait (BBK), the leading retail and commercial bank in Bahrain, hosted a handover ceremony to conclude the 2024 Al Hayrat campaign. The event celebrated the distribution of prizes exceeding one million Bahraini Dinars to 119 fortunate winners, marking the largest handover ceremony in the history of BBK. The draw took place on 30 January 2025. The first grand prize of BD 500,000 was awarded to Mohamed Jawad Kadhem, who expressed immense joy and gratitude for this life-changing opportunity, and affirmed how this unexpected prize would serve as a significant milestone, bringing transformative changes to his life. The second grand prize of BD 200,000 was awarded to Khawla Abdulaziz Alahmed, while the third grand prize of BD 100,000 went to Prisha Prakash Bhatia. The fourth grand prize, valued at BD 50,000, was presented to Nazha Abdulnabi Yusuf. In addition to the grand prizes, five winners received special prizes of BD 10,000 each, namely Esraa Abdulnabi Sabah, Jaafar Mahdi Alshabbaq, Katarzyna Joanna Munfaradi, Lulwa Mohamed Alkhaja and Nancy Mohamed Althawadi. Furthermore, 10 winners were honored with loyalty prizes worth BD 1,000 each. An additional BD 100,000 was distributed among 100 winners, with each receiving BD 1,000, ensuring broader participation and recognition of the Bank's loyal customers. "We are delighted to announce the successful conclusion of the 2024 Al Hayrat campaign, where 119 winners were celebrated with grand prizes totaling over one million Bahraini Dinars. These awards represent the largest prizes ever distributed in the history of the Bank," commented Mr. Yaser Alsharifi, Group Chief Executive of BBK. 'The 2024 Al Hayrat campaign has been a remarkable journey, filled with prizes that have brought joy and meaningful change to the lives of our valued customers. Over the course of the year, extending into January 2025, BBK awarded BD 2.5 million to more than 350 winners. Mr. Alsharifi encouraged the Bank's customers to stay tuned to the upcoming 2025 Al Hayrat campaign, which will be revealed soon, and said that this year promises exciting surprises designed to reward their trust in BBK and strengthen its position as their preferred banking partner.
