Additional Conditions
LR-2.8.6
Islamic bank licensees must comply with any other specific requirements or restrictions imposed by the CBB on the scope of their license.October 2007LR-2.8.7
Bank licensees are subject to the provisions of the CBB Law. These include the right of the CBB to impose such terms and conditions, as it may deem necessary when issuing a license, as specified in Article 45 of the pre-mentioned Law. Thus, when granting a license, the CBB specifies the regulated banking services that the licensee may undertake. Licensees must respect the scope of their license. LR-3.2 sets out the process for varying the scope of an authorisation, should a licensee wish to undertake new activities.
October 2007LR-2.8.8
In addition, the CBB may impose additional restrictions or requirements, beyond those already specified in Volume 2, to address specific risks. For instance, a license may be granted subject to strict limitations on intra-group transactions.
October 2007LR-2.8.9
Islamic retail bank licensees are subject to the deposit protection scheme of eligible deposits held with the Bahrain offices of the licensee, with respect to certain of their liabilities (see Chapter CP-2). This Rule is supported by Article 177 of the CBB Law.Amended October 2010
October 2007
