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  • BC-9.10 BC-9.10 Reporting to Customers

    • BC-9.10.1

      This Paragraph was deleted in July 2015.

      Deleted: July 2015
      Added: April 08

    • Confirmation of Transactions

      • BC-9.10.2

        When an Islamic bank licensee provides regulated Islamic banking services, it must establish procedures to keep the customer informed of the essential details of the financial product or service.

        Amended: July 2015
        Added: April 08

      • BC-9.10.3

        For the purposes of Rule BC-9.10.2, reference should be made to Chapter BC-4 and to Chapter CM-7.

        Amended: July 2015
        Added: April 08

      • BC-9.10.4

        For the purposes of Rule BC-9.10.2, in case of investment activities, Islamic bank licensees must include at the very least in their confirmation notes, the information included in Paragraph BC-9.13.7.

        Amended: July 2015
        Added: April 08

    • Periodic Statements

      • BC-9.10.5

        Islamic bank licensees must promptly and at suitable intervals provide their customers with periodic statements on regulated Islamic banking services provided, throughout the duration of the contractual relationship between the bank and the customer.

        Added: July 2015

      • BC-9.10.6A

        In case of credit activities, Islamic bank licensees must provide periodic statements as required by the Code of Best Practice on Consumer Credit and Charging and in accordance with Section BC-4.3.

        Added: July 2015

      • BC-9.10.6B

        In case of investment activities, Islamic bank licensees must promptly and at suitable intervals provide their customers with a written statement when they:

        (a) Undertake the activity of managing financial instruments; or
        (b) Operate a customer's account containing financial instruments.
        Amended: July 2015
        Added: April 08

      • BC-9.10.6C

        For the purposes of Rule BC-9.10.6B suitable intervals means:

        (a) Monthly, if the customer's portfolio includes derivative transactions in highly volatile classes of financial instruments or leveraged transactions; or
        (b) At least six-monthly in other cases.
        Added: July 2015

      • BC-9.10.6

        Islamic bank licensees must provide a periodic statement:

        (a) Monthly, if the customer is a retail customer and the retail customer's portfolio includes derivative transactions in highly volatile classes of financial instruments or leveraged transactions; or
        (b) At least six-monthly in other cases.
        Added: April 08

      • BC-9.10.7

        Periodic statements, issued in accordance with Rule BC-9.10.6 (A and B), must contain, at the very least, the information contained in Paragraph BC-9.13.8, as at the end of the period covered.

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

      • BC-9.10.8

        Where an Islamic bank licensee undertakes the activity of managing financial instruments on a discretionary basis, the periodic statements, issued in accordance with Rule BC-9.10.6, must also include at the very least the information included in Paragraph BC-9.13.9.

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

      • BC-9.10.9

        In addition to Rules BC-9.10.7 and BC-9.10.8, where the customer may not only lose his entire investment but may also be required to pay more later, Islamic bank licensees must also include the additional information included in Paragraph BC-9.13.9.

        Amended: July 2015
        Added: April 08

    • Records

      • BC-9.10.10

        Islamic bank licensees must immediately record the essential elements of all orders that are received.

        Added: April 08

      • BC-9.10.11

        For the purposes of Rule BC-9.10.10, essential elements of orders received include the particulars of the customer and order, time, price of execution, and number of instruments.

        Added: April 08

      • BC-9.10.12

        Islamic bank licensees must immediately record the essential elements of individual orders received, including:

        (a) Particulars of the customer and order;
        (b) Time of execution;
        (c) Price of execution; and
        (d) Number of instruments.
        Amended: July 2015
        Added: April 08

      • BC-9.10.13

        For purposes of Rule BC-9.10.12, Islamic bank licensees should include, at the very least, the information provided in Paragraph BC-9.13.9.

        Amended: July 2015
        Added: April 08

      • BC-9.10.14

        Islamic bank licensees must make a copy of any confirmation of a transaction or periodic statement provided to a customer, and retain it for at least five years from the date on which it was provided.

        Added: April 08