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    • BC-9.7.2

      Islamic bank licensees must seek information from their customers (and potential customers) about their needs, circumstances and investment objectives (including their risk appetite), relevant to the services to be provided.

      Amended: July 2015
      Amended: July 2014
      Amended: January 2011
      Added: April 2008

    • BC-9.7.3

      For the purposes of Rule BC-9.7.2, the Islamic bank licensee, when providing the regulated Islamic banking services, should ask the customer or potential customer to provide information regarding his knowledge and experience in the field relevant to the specific type of financial products and/or services offered or demanded so as to enable the licensee to assess whether the financial product or service is appropriate to the customer. The evaluation of the customer's needs, circumstances and objectives (including risk appetite) can be done through a structured questionnaire.

      Amended: July 2015
      Added: April 08

    • BC-9.7.4

      For the purposes of satisfying the requirement under Rule BC-9.7.2, Islamic bank licensees must ensure that the information and facts they hold about their customers are accurate, complete and up to date.

      Added: April 08

    • BC-9.7.5

      In case of investment activities, where an Islamic bank licensee is managing financial instruments for a customer, it must periodically assess whether the customer's portfolio or account remains suitable over the lifetime of the customer relationship and advise the customer if it is no longer suitable.

      Amended: July 2015
      Added: April 08

    • BC-9.7.6

      In case of investment activities, where an Islamic bank licensee has pooled a customer's assets with those of others, with a view to taking common discretionary management decisions, the Islamic bank licensee must take reasonable steps to ensure that the transaction is suitable for the related customers having regard to their stated investment objectives.

      Amended: July 2015
      Added: April 08