HC-A.1.1 [versions up to October 2010]

This Module presents requirements that have to be met by Islamic bank licensees with respect to:

HC-A.1.2 [versions up to October 2010]

In addition, this Module contains requirements for the notification and pre-approval of individuals, undertaking certain designated functions with respect to Islamic bank licensees. These functions (called 'controlled functions'), include Directors and members of senior management. The controlled functions regime supplements the CBB's corporate governance requirements by ensuring that key persons involved in the running of Islamic bank licensees are fit and proper. Those approved by the CBB to undertake controlled functions are called approved persons.

HC-A.1.3 [versions up to October 2010]

Finally, this Module contains certain notification and approval requirements regarding the use of Special Purpose Vehicles ('SPVs'; see Section HC-1.5).

HC-A.1.4 [versions up to October 2010]

This Module supplements various provisions relating to corporate governance contained in Legislative Decree No. 21 of 2001, with respect to promulgating the Commercial Companies Law ('Commercial Companies Law 2001'). In case of conflict, the Commercial Companies Law shall prevail. The Module also supplements (for companies listed on the Bahrain Stock Exchange), Stock Exchange regulations that are relevant to corporate governance and high-level controls. Compliance with this Module does not guarantee compliance with either the Commercial Companies Law 2001 or the BSE regulations.

Legal Basis[versions up to October 2010]