The Board of Directors of Bahrain Clear held on Sunday 26th
March 2017 its first meeting with the presence of all members. At the beginning of the meeting and as per the company’s Article of Association, the members elected Abdulkareem Ahmed Bucheeri as the Chairman of the company and Shaikh Khalifa bin Ebrahim Alkhalifa as Vice-Chairman.
During the meeting, the Board discussed the action plan submitted by Thomas Murray to establish and activate Bahrain Clear Company. The Board also looked into the other requirements of the Central Bank of Bahrain along with the administrative and technical requirements of establishing Bahrain Clear and discussed the mechanisms to achieve those requirements.
Shaikh Khalifa bin Ebrahim Al-Khalifa was appointed as a Managing Director to manage the company until a Chief Executive Officer is appointed for the company.
Bahrain Clear Company is fully owned by Bahrain Bourse with an Authorized Capital of BD5,000,000 and Paid Capital of BD1,000,000. The company’s Board includes Abdulkareem Ahmed Bucheeri, Shaikh Khalifa bin Ebrahim Alkhalifa, Yasser Abduljalil Alsharifi, Mohammed Khalid Hashem, Narjes Farookh Jamal and Mahmood Abdul Azeez Almeer.
The main activities of Bahrain Clear include establishment, management and operation of platforms relating to depository, clearing and settlement of deals in securities and derivatives. It will also manage the share registrars and offer custodian services as well as all consultancy and technical services in the field of depository, clearing and settlement.