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  • Cancellation of a License by the CBB

    • LR-3.3.3A

      As provided for under Article 48 (c) of the CBB Law, the CBB may itself move to cancel a license. The CBB generally views the cancellation of a license as appropriate only in the most serious of circumstances, and generally tries to address supervisory concerns through other means beforehand. See also Chapter EN-9, regarding the cancellation or amendment of licenses, including the procedures used in such instances and the licensee's right to appeal the formal notice of cancellation issued by the CBB.

      October 2011

    • LR-3.3.4

      Cancellation of a license requires the CBB to issue a formal notice of cancellation to the person concerned. The notice of cancellation describes the CBB's rationale for the proposed cancellation, as specified in Article 48 (d) of the CBB Law.

      Amended: July 2012
      Amended: October 2011
      October 2007

    • LR-3.3.5

      [This Paragraph was deleted in October 2011.]

      Deleted: October 2011

    • LR-3.3.6

      Where the cancellation of a license has been confirmed by the CBB, the CBB will only effect the cancellation once a licensee has discharged all its regulatory responsibilities to customers. Until such time, the CBB will retain all its regulatory powers with regards to the licensee, and will direct the licensee such that no new regulated Islamic banking services may be undertaken whilst the licensee discharges its obligations to customers.

      Amended: July 2012
      Amended: October 2011
      October 2007