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 08Confirmation of Transactions
BC-9.10.2
When an
Islamic bank licensee providesregulated Islamic banking services , it must establish procedures to keep thecustomer informed of the essential details of the financial product or service.Amended: July 2015
Added: April 08Periodic Statements
BC-9.10.5
Islamic bank licensees must promptly and at suitable intervals provide theircustomers with periodic statements onregulated Islamic banking services provided, throughout the duration of the contractual relationship between the bank and thecustomer .Added: July 2015BC-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 2015BC-9.10.6B
In case of investment activities,
Islamic bank licensees must promptly and at suitable intervals provide theircustomers with a written statement when they:(a) Undertake the activity of managingfinancial instruments ; or(b) Operate acustomer's account containingfinancial instruments .Amended: July 2015
Added: April 08BC-9.10.6C
For the purposes of Rule BC-9.10.6B suitable intervals means:
(a) Monthly, if thecustomer'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 2015BC-9.10.6
Islamic bank licensees must provide a periodic statement:(a) Monthly, if thecustomer is aretail customer and theretail customer's portfolio includes derivative transactions in highly volatile classes offinancial instruments or leveraged transactions; or(b) At least six-monthly in other cases.Added: April 08BC-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 2008BC-9.10.8
Where an
Islamic bank licensee undertakes the activity of managingfinancial 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 2008Records
BC-9.10.10
Islamic bank licensees must immediately record the essential elements of all orders that are received.Added: April 08BC-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 08BC-9.10.12
Islamic bank licensees must immediately record the essential elements of individual orders received, including:(a) Particulars of thecustomer and order;(b) Time of execution;(c) Price of execution; and(d) Number of instruments.Amended: July 2015
Added: April 08BC-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 08BC-9.10.14
Islamic bank licensees must make a copy of any confirmation of a transaction or periodic statement provided to acustomer , and retain it for at least five years from the date on which it was provided.Added: April 08