• Right to Realise a Customer's Assets

    • BC-9.9.18

      Islamic bank licensees must not realise a customer'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 the customer;
      (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 the customer written or oral notice of its intention to exercise its rights before it does so.
      Amended: July 2015
      Added: April 08