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  • EN-9.1 EN-9.1 Legal Source

    • EN-9.1.1

      Article 48 of the CBB Law empowers the CBB to cancel or amend a license under certain circumstances. These include cases where a licensee has:

      (a) Failed to satisfy its license conditions;
      (b) Violated the terms of the CBB Law, or CBB Regulations or Volume 2 (Islamic Banks) Rulebook; or
      (c) Failed to start business within six months from the date of the license;
      (d) Ceased to carry out the licensed activities permitted; or
      (e) Not acted in the legitimate interest of its customers or creditors.
      Amended: October 2010
      Added: October 2007

    • EN-9.1.2

      Article 48(d) of the CBB Law also requires the CBB to give the licensee concerned reasonable time to object to any proposed cancellation or amendment of its license.

      Amended: October 2010
      Added: October 2007