CP-2.2 CP-2.2 Coverage of the Scheme
CP-2.2.1
Each
Eligible account holder shall be entitled under the Regulation to claim an amount equivalent to the amount deposited and/or invested by him in anEligible Account save that noEligible account holder shall be entitled to receive more than BD20,000 (Twenty Thousand Bahraini Dinars) from the total amount of hisEligible Account held with the defaulting bank regardless of the number and currency ofDeposits and unrestricted investment accounts. Other currencies shall be converted into Bahraini Dinars at the exchange rate on the date on which the CBB determines that the Islamic retail bank licensee is a defaulting bank.October 2012CP-2.2.2
In calculating the amount payable to an
Eligible account holder , the Board shall have the right to set-off the debts of theEligible account holder with the defaulting bank and deduct any expenses incurred by the Board in paying out such amounts.October 2012CP-2.2.3
A joint
Eligible Account should be treated as a singleEligible Account .October 2012CP-2.2.4
If the Board is satisfied that a person is a trustee of an
Eligible Account with a defaulting bank, and that the beneficial owner of any such Account has no other Eligible Account with the defaulting bank, the Board shall deem such beneficial owner as a separateEligible account holder . However, in the event that a beneficial owner of any of suchEligible Account held in the name of the trustee is the same owner of otherEligible Account at the defaulting bank, such accounts, including the account(s) registered in the name of trustee, shall be treated as a singleEligible Account .October 2012CP-2.2.5
No transfer of any part of an
Eligible Account shall be considered valid if, in the opinion of the Board, the purpose of such transfer is to enable any person, including anEligible account holder , to gain an advantage that is not permitted or intended by this Module.October 2012
