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  • General Requirement[versions up to October 2010]

    • HC-2.1.1 [versions up to October 2010]

      All persons wishing to undertake a controlled function in an Islamic bank licensee must be notified to the CBB prior to their appointment and, where required, approved by the CBB (see Rule HC-2.1.3).

      October 07

    • HC-2.1.2 [versions up to October 2010]

      Controlled functions are those of:

      (a) Director;
      (b) Member of Shari'a Supervisory Board
      (c) Chief Executive or General Manager;
      (d) Senior Manager;
      (e) Compliance officer;
      (f) Money Laundering Reporting Officer;
      (g) Deputy Money Laundering Reporting Officer; and
      (h) Financial Instruments Trader.
      Amended: October 2009
      October 2007

    • HC-2.1.3 [versions up to October 2010]

      Prior approval is required for controlled functions (a), (b), (c), (d), (e), (f) and (g). Controlled functions (e) and (f) may be combined, however (see also FC-4.1, regarding the MLRO function). Controlled function (h) does not require prior approval: instead, notification only is required, once the person concerned has accepted to undertake that function.

      Amended: October 2009
      October 2007