CP-2.1 CP-2.1 Application of the Scheme
CP-2.1.1
The Scheme will apply to Eligible Accounts (as defined in Paragraph CP-2.1.2 below) held with the Bahrain offices of Islamic retail bank licensees which are licensed by the CBB.
October 2012CP-2.1.2
For Islamic retail bank licensees,
Eligible Accounts means anyDeposit Account (as defined in Paragraph CP-2.1.3) and Unrestricted Investment Account, and any other deposits or accounts similar in nature and which have similar characteristics which are approved by the CBB, regardless of currency, with the exception of bearer certificates of deposit.October 2012CP-2.1.3
For the purpose of Paragraph CP-2.1.2,
Deposit Account means the account that is defined being a deposit in accordance with the CBB Resolution No.(23) of 2009 in respect of Definition of Deposit.October 2012CP-2.1.4
Without prejudice to Paragraph CP-2.1.1 above, the Board may, at its discretion, exclude (in whole or in part) from compensation payments any
Eligible account holder of the defaulting bank in Bahrain who is entitled to claim in a similar scheme established in another jurisdiction, where such scheme covers thedeposit liabilities and unrestricted investment accounts of the Bahrain offices of such relevant bank.Amended: October 2014
October 2012CP-2.1.5
For Islamic retail bank licensees, Eligible Depositor and/or Investor means any natural person, (resident or non-resident), holding an
Eligible Account(s) with an Islamic retail bank in the Kingdom. It does not includeDeposits and Unrestricted Investments Accounts held with an Islamic retail bank's foreign branches operating outside the Kingdom.October 2012CP-2.1.6
Without prejudice to Paragraph CP-2.1.1, the Board may, at its discretion, exclude (in whole or in part) from the requirement to contribute to the Islamic Fund, any Islamic retail bank licensee in Bahrain whose
Eligible Accounts (in whole or in part) are covered by a similar scheme established in another jurisdiction provided that evidence of such coverage is provided to the Board to its satisfaction.October 2012CP-2.1.7
Without prejudice to the provisions of Paragraph CP-2.1.2, the Scheme will not apply to
Deposits and unrestricted investment accounts which have, in the opinion of the Board, been illegally gained and/or relate to illicit or illegal matters. The Scheme will also not apply to:(a) Accounts of shareholders with 10% or more shareholding (ordinary or preference), board members and senior managers of the defaulting bank; and/ or(b) Accounts of persons whose identity cannot be ascertained.October 2012
