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  • 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