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  • FC-8.2 FC-8.2 Terrorist Financing

    • FC-8.2.1

      Islamic bank licensees must comply in full with the provisions of the UN Security Council Anti-terrorism Resolution No. 1373 of 2001 ('UNSCR 1373').

    • FC-8.2.2

      Any Islamic bank licensee that wishes, intends or has been requested to do anything that might contravene, in its reasonable opinion, the provisions of UNSCR 1373 (and in particular Article 1, paragraphs c) and d) of UNSCR 1373) must seek, in writing, the prior written opinion of the BMA on the matter.

    • FC-8.2.3

      A copy of UNSCR 1373 is included in Part B of Volume 2 (Islamic Banks), under 'Supplementary Information'.

    • FC-8.2.4

      Islamic bank licensees must report to the BMA details of:

      (a) funds or other financial assets or economic resources held with them which may be the subject of Article 1, paragraphs c) and d) of UNSCR 1373; and
      (b) all claims, whether actual or contingent, which the Islamic bank licensee has on persons and entities which may be the subject of Article 1, paragraphs c) and d) of UNSCR 1373.

    • FC-8.2.5

      For the purposes of Paragraph FC-8.2.4, 'funds or other financial resources' includes (but is not limited to) shares in any undertaking owned or controlled by the persons and entities referred to in Article 1, paragraph c) and d) of UNSCR 1373, and any associated dividends received by the licensee.

    • FC-8.2.6

      All reports or notifications under this Section must be made to the BMA's Compliance Unit.

    • FC-8.2.7

      See Section FC-5.3 for the Compliance Unit's contact details.