Right to Realise a Customer's Assets
BC-9.9.18
Islamic bank licensees must not realise acustomer's assets, unless it is legally entitled to do so, and has either:(a) Set out in the terms of business:(i) The action it may take to realise any assets of thecustomer ;(ii) The circumstances in which it may do so;(iii) The asset (if relevant) or type or class of asset over which it may exercise the right; or(b) Given thecustomer written or oral notice of its intention to exercise its rights before it does so.Amended: July 2015
Added: April 08