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  • OM-7.2 OM-7.2 Transaction Records

    • OM-7.2.1

      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 — see Module Section FC-7.1). Records of completed transactions must be kept whether in hard copy or electronic format, for at least five years from the date of the transaction as per the Legislative Decree No. (28) of 2002 with respect to Electronic Transactions "The Electronic Transaction Law" and its amendments.

      Amended: July 2017
      October 07

    • OM-7.2.2

      [This paragraph has been deleted in July 2017].

      Deleted: July 2017
      October 07

    • OM-7.2.3

      Rule OM-7.2.1 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.

      October 07

    • OM-7.2.4

      In the case of overseas Islamic bank licensees, Rule OM-7.2.1 therefore only applies to business booked in the Bahrain branch, not in the rest of the company.

      October 07