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  • BC-10.5 BC-10.5 Response to Complaints

    • BC-10.5.1

      An Islamic bank licensee must acknowledge in writing customer written complaints within 5 working days of receipt.

      Added: October 2011

    • BC-10.5.2

      An Islamic bank licensee must respond in writing to a customer complaint within 4 weeks of receiving the complaint, explaining their position and how they propose to deal with the complaint.

      Added: October 2011

    • Redress

      • BC-10.5.3

        An Islamic bank licensee should decide and communicate how it proposes (if at all) to provide the customer with redress. Where appropriate, the Islamic bank licensee must explain the options open to the customer and the procedures necessary to obtain the redress.

        Added: October 2011

      • BC-10.5.4

        Where an Islamic bank licensee decides that redress in the form of compensation is appropriate, the Islamic bank licensee must provide the complainant with fair compensation and must comply with any offer of compensation made by it which the complainant accepts.

        Added: October 2011

      • BC-10.5.5

        Where an Islamic bank licensee decides that redress in a form other than compensation is appropriate, it must provide the redress as soon as practicable.

        Added: October 2011

      • BC-10.5.6

        Should the customer that filed a complaint not be satisfied with the response received as per Paragraph BC-10.5.2, he can forward the complaint to the Consumer Protection Unit at the CBB within 30 calendar days from the date of receiving the letter.

        Amended: April 2020
        Added: October 2011