• 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 that Islamic bank licensees deal with their stakeholders in a fair and open manner, and address their stakeholders' information needs.

      Amended: July 2015
      October 07

    • BC-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 with customers. Principle 3 (Due skill, care and diligence) requires Islamic bank licensees to act with due skill, care and diligence when acting on behalf of their customers. Principle 7 (Client Interests) requires Islamic bank licensees to pay due regard to the legitimate interests and information needs of their customers, and to communicate with them in a fair and transparent manner.

      October 07

    • BC-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 07

    • Legal 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 all Islamic bank licensees.

        Amended January 2011
        October 07

      • BC-A.1.5

        For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

        October 07