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  • Retail vs. Wholesale

    • LR-1.2.1

      Depending on the nature of activities undertaken, Islamic bank licensees must be licensed either as an Islamic retail bank licensee or as an Islamic wholesale bank licensee. The same legal entity may not hold both types of license.

    • LR-1.2.2

      The nature of activities allowed under each license sub-category is specified below (cf. Rule LR-1.2.4ff). The Islamic retail bank licensee category replaces the Full Commercial Bank (Islamic principles) category that existed prior to July 2006; the Islamic wholesale bank licensee category replaces the Offshore Banking Unit and Investment Bank License (Islamic principles) categories.

    • LR-1.2.3

      Banks licensed prior to the introduction of these new license categories in July 2006 are not required to reapply for their license. Rather, their new license category is to be confirmed by an exchange of letters with BMA, and the issuance of a new license certificate. Where (prior to July 2006), the same legal entity holds multiple licenses, BMA will agree transitional measures aimed at rationalizing the number of licenses held.