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  • Prior Approval Requirements and Process

    • LR-1A.1.17

      Islamic bank licensees must obtain CBB's prior written approval before a person is formally appointed to a controlled function; the request for CBB approval must be made by submitting to CBB a duly completed Form 3 (Application for Approved Person status) and Curriculum Vitae after verifying that all the information contained in Form 3, including previous experience, is accurate. Form 3 is available under in Volume 2 Part B Authorisation Forms of the CBB Rulebook.

      Amended: January 2016
      Amended: January 2014
      October 2010

    • LR-1A.1.18

      When the request for approved person status forms part of a license application, the Form 3 must be marked for the attention of the Director, Licensing Directorate. When the submission to undertake a controlled function is in relation to an existing Islamic bank licensee, the Form 3 must be marked for the attention of the Director, Islamic Financial Institutions Supervision. In the case of the MLRO or DMLRO, Form 3 should be marked for the attention of the Director, Compliance Directorate.

      Amended: April 2018
      Amended: January 2016
      Amended: July 2012
      October 2010

    • LR-1A.1.18A

      When submitting Form 3, Islamic bank licensees must ensure that the Form 3 is:

      (a) Submitted to the CBB with a covering letter signed by an authorised representative of the licensee, seeking approval for the proposed controlled function;
      (b) Submitted in original form;
      (c) Submitted with a certified copy of the applicant's passport, original or certified copies of educational and professional qualification certificates (and translation if not in Arabic or English) and the Curriculum Vitae; and
      (d) Signed by an authorised representative of the licensee and all pages stamped on with the licensee's seal.
      Added: January 2016

    • LR-1A.1.18B

      Islamic bank licensees seeking to appoint Board Directors must seek CBB approval for all the candidates to be put forward for election/approval at a shareholders' meeting, in advance of the agenda being issued to shareholders. CBB approval of the candidates does not in any way limit shareholders' rights to refuse those put forward for election/approval.

      Added: January 2016

    • LR-1A-1.18C

      For existing Islamic bank licensees applying for the appointment of a Board Director or the Chief Executive/General Manager, the authorised representative should be the Chairman of the Board or a Director signing on behalf of the Board. For all other controlled functions, the authorised representative should be the Chief Executive/General Manager, or a suitably senior representative of the bank.

      Amended: July 2016
      Added: January 2016

    • LR-1A.1.19

      [This Paragraph was deleted in January 2016.]

      Deleted: January 2016
      October 2010

    • LR-1A.1.20

      [This Paragraph was moved to Paragraph LR-1A.1.18B in January 2016.]

      Amended: January 2016
      Amended: July 2012
      October 2010