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  • Retail vs. Wholesale

    • LR-1.2.1

      Depending on the nature of activities undertaken, Islamic bank licensees must be licensed either as an Islamic retail bank or as an Islamic wholesale bank.

      October 2007

    • LR-1.2.2

      The nature of activities allowed under each license sub-Category is specified below (cf. Rule LR-1.2.4 and the following Paragraphs). The Islamic retail bank Category replaces the Full Commercial Bank (Islamic principles) Category that existed prior to July 2006; the Islamic wholesale bank Category replaces the Offshore Banking Unit and Investment Bank License (Islamic principles) categories.

      Amended: July 2012
      October 2007

    • LR-1.2.3

      Banks licensed prior to the introduction of these new license categories in July 2006 are not required to reapply for their license. Rather, their new license category is to be confirmed by an exchange of letters with CBB, and the issuance of a new license certificate. Where (prior to July 2006), the same legal entity holds multiple licenses, CBB will agree transitional measures aimed at rationalizing the number of licenses held.

      October 2007