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  • BC-9.6 BC-9.6 Accepting Customers

    • Applicability

      • BC-9.6.1

        This Paragraph was deleted in July 2015.

        Deleted: July 2015
        Added: April 08

    • Terms of Business

      • BC-9.6.2

        Islamic bank licensees must provide their customers with their terms of business, setting out the basis on which the regulated banking services are to be conducted (see also Paragraph BC-9.8.13).

        Amended: July 2015
        Amended: January 2011
        Amended: October 2009
        Added: April 2008

      • BC-9.6.3

        The terms of business in relation to providing regulated banking services as defined in Paragraph BC-9.2.1 to a customer must take the form of a customer agreement.

        Amended: July 2015
        Amended: January 2011
        Amended: October 2009
        Added: April 2008

      • BC-9.6.4

        The terms of business must include the rights and obligations of parties to the agreement, as well as other terms relevant to the regulated banking services. The terms of business must include, but are not limited to, the items included in Paragraph BC-9.13.2.

        Amended: October 2009
        Added: April 08

      • BC-9.6.5

        An application form in relation to regulated banking services will be deemed to be a customer agreement, provided the form includes the principal terms and conditions of the service, such that the customer is provided sufficient information to allow him to understand the basis on which the service is to be conducted.

        Added: April 08

      • BC-9.6.6

        The customer agreement must be provided in good time prior to providing the regulated banking service.

        Added: April 08

      • BC-9.6.7

        For the purposes of Rule BC-9.6.6, "good time" should be taken to mean sufficient time to enable the customer to consider properly the product or service on offer before he is bound, and that customer agreement must comply with the requirements in BC-B.5.13 regarding a 'cooling off period'.

        Amended: July 2015
        Added: April 08

    • Customer Understanding and Acknowledgement

      • BC-9.6.8

        Islamic bank licensees must not enter into a customer agreement unless they have taken reasonable care to ensure that their customer has had a proper opportunity to consider the terms.

        Amended: July 2015
        Added: April 08

      • BC-9.6.9

        Islamic bank licensees must obtain their customer's consent to the terms of the customer agreement as evidenced by a signature or an equivalent mechanism.

        Amended: July 2015
        Added: April 08

      • BC-9.6.10

        The equivalent mechanism refers to instances where a customer may have signed a mandate letter or other document accompanying the terms of the customer agreement.

        Amended: October 2009
        Added: April 2008

      • BC-9.6.11

        The customer agreement must contain the signatures of both parties to the agreement. If the agreement is signed by only the customer (in case it is in the form of an application), copies of the signed agreement must be provided by the Islamic bank licensee to the customer.

        Amended: October 2009
        Added: April 2008

    • Records

      • BC-9.6.12

        Islamic bank licensees must keep sufficient records of customer agreements and any documents referred to in the customer agreement as soon as the agreement comes into force, for CBB's supervision purposes.

        Amended: October 2009
        Added: April 2008

      • BC-9.6.13

        Detailed record-keeping requirements are contained in Module OM (Operational Risk Management) and Module FC (Financial Crime).

        Amended: July 2015
        Added: April 08