LR-2.2 LR-2.2 Condition 2: Mind and Management
LR-2.2.1
Islamic bank licensees with their Registered Office in the Kingdom of Bahrain must maintain their Head Office in the Kingdom.Overseas Islamic bank licensees must maintain a local management presence and premises in the Kingdom appropriate to the nature and scale of their activities.LR-2.2.2
In assessing the location of an
Islamic bank licensee's Head Office, the BMA will take into account the residency of its Directors and senior management. The BMA requires the majority of key decision makers in executive management — including theChief Executive — to be resident in Bahrain. In the case ofoverseas Islamic bank licensees , the BMA requires the branch of a foreign company to have a substantive presence, demonstrated by a level of staff and other resources sufficient to ensure adequate local scrutiny and control over business booked in the Bahrain branch, as well as the General Manager of the branch to be resident in Bahrain.
