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  • Definitions

    • LR-1A.1.5

      Board members collectively are responsible for the business performance and strategy of the conventional bank licensee, as outlined in more details in Section HC-1.2.

      Amended: October 2013
      Added: October 2010

    • LR-1A.1.6

      When taken as a whole, the board of directors of a conventional bank licensee must be able to demonstrate that it has the necessary skills and expertise, as outlined in Paragraph HC-1.2.10.

      Amended: October 2013
      Added: October 2010

    • LR-1A.1.7

      The Chief Executive or General Manager means a person who is responsible for the conduct of the licensee (regardless of actual title). The Chief Executive or General Manager must be resident in Bahrain. The scope of authority of the CEO and his deputies is outlined in more detail in Subparagraph HC-6.3.2 (a).

      Amended: July 2017
      Amended: October 2013
      Added: October 2010

    • LR-1A.1.8

      The head of risk management is responsible for the management and control of all risk exposures arising from the activities of the conventional bank licensee.

      Amended: October 2013
      Added: October 2010

    • LR-1A.1.9

      The head of internal audit is responsible for providing independent and objective review on the adequacy and effectiveness of the holistic internal control environment within the conventional bank licensee. The duties of the head of internal audit are outlined in more detail in Subparagraph HC-6.3.2 (d).

      Amended: October 2013
      Added: October 2010

    • LR-1A.1.9A

      The head of Shari'a review in a conventional bank licensee, dealing with Islamic products and services, is responsible for the examination of the extent of a conventional bank licensee's compliance, in all its activities, with the Shari'a. This examination includes contracts, agreements, policies, products, transactions memorandum and articles of association, financial statements, reports (especially internal audit and central bank inspection), circulars, etc. The objective of the Shari'a review is to ensure that the activities carried out by a conventional bank licensee do not contravene the Shari'a.

      Added: October 2013