GR-1.2 GR-1.2 Transaction Records
GR-1.2.1
Islamic bank licensees must keep completed transaction records for as long as they are relevant for the purposes for which they were made (with a minimum period in all cases of five years from the date when the transaction was completed). Records of completed transactions must be kept in their original form (whether in hard copy and / or electronic format), for at least five years from the date of the transaction.GR-1.2.2
For example, if the original documents are paper, they must be kept in their original form. Electronic payments and receipts may be kept electronically without the need for hard copies. The record format selected must be capable of producing complete and accurate financial, management and regulatory reports, and allow monitoring and review of all transactions.
GR-1.2.3
Rule GR-1.2.1 applies to all transactions entered into by a
Bahraini Islamic bank licensee , whether booked in Bahrain or in an overseas branch. With respect to overseas Islamic bank licensees, it applies only to transactions booked in the Bahrain branch.GR-1.2.4
In the case of
overseas Islamic bank licensees , Rule GR-1.2.1 therefore only applies to business booked in the Bahrain branch, not in the rest of the company.
