BC-A.1 BC-A.1 Purpose
BC-A.1.1
This Module contains requirements that have to be met by
Islamic bank licensees with regards to their dealings with its stakeholders. The Rules contained in this Module aim to ensure thatIslamic bank licensees deal with their stakeholders in a fair and open manner, and address their stakeholders' information needs.Amended: July 2015
October 07BC-A.1.2
The Rules build upon several of the Principles of Business (see Module PB (Principles of Business)). Principle 1 (Integrity) requires
Islamic bank licensees to observe high standards of integrity and fair dealing, and to be honest and straightforward in their dealings withcustomers . Principle 3 (Due skill, care and diligence) requiresIslamic bank licensee s to act with due skill, care and diligence when acting on behalf of theircustomers . Principle 7 (Client Interests) requiresIslamic bank licensees to pay due regard to the legitimate interests and information needs of theircustomers , and to communicate with them in a fair and transparent manner.October 07BC-A.1.3
This Module also provides support for certain aspects relating to business and market conduct in the Bahrain Commercial Companies Law of 2001 (as amended).
October 07Legal Basis
BC-A.1.4
This Module contains the Central Bank of Bahrain's ('CBB') Directive (as amended from time to time) on business conduct by
Islamic bank licensees , and is issued under the powers available to the CBB under Article 38 of the Central Bank of Bahrain of Bahrain and Financial Institutions Law 2006 (CBB Law). The directive in this Module is applicable to allIslamic bank licensees .Amended January 2011
October 07BC-A.1.5
For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.
October 07