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  • 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