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  • General Requirement

    • HC-2.1.1

      All persons wishing to undertake a controlled function in an Islamic bank licensee must be notified to the BMA prior to their appointment and, where required, approved by the BMA (see Rule HC-2.1.3).


    • HC-2.1.2

      Controlled functions are those of:

      (a) Director;
      (b) Member of Shari'a Supervisory Board
      (c) Chief Executive or General Manager;
      (d) Senior Manager;
      (e) Compliance officer;
      (f) Money Laundering Reporting Officer; and
      (g) Financial Instruments Trader.

    • HC-2.1.3

      Prior approval is required for controlled functions (a), (b), (c), (d), (e) and (f). Controlled functions (e) and (f) may be combined, however. Controlled function (g) does not require prior approval: instead, notification only is required, once the person concerned has accepted to undertake that function.