• TC-A TC-A Introduction

    • TC-A.1 TC-A.1 Purpose

      • Executive Summary

        • TC-A.1.1

          This Module presents requirements that have to be met by Islamic bank licensees with respect to training and competency of individuals undertaking controlled functions (as defined in Paragraph LR-1A.1.2)

          October 2013

        • TC-A.1.2

          Module TC provides Rules and Guidance to Islamic bank licensees to ensure satisfactory levels of competence, in terms of an individual's knowledge, skills, experience and professional qualifications. Islamic bank licensees, are required to demonstrate that individuals undertaking controlled functions are sufficiently competent, and are able to undertake their respective roles and responsibilities.

          October 2013

        • TC-A.1.3

          The Rules build upon Principles 3 and 9 of the Principles of Business (see Module PB (Principles of Business)). Principle 3 (Due Skill, Care and Diligence) requires Islamic bank licensees and approved persons to observe high standards of integrity and fair dealing, and to be honest and straightforward in its dealings with clients. Principle 9 (Adequate Resources) requires Islamic bank licensees to maintain adequate human, financial and other resources sufficient to run its business in an orderly manner.

          October 2013

        • TC-A.1.4

          Condition 4 of the Central Bank of Bahrain's ('CBB') Licensing Conditions (Chapter LR-2.4) and Chapter LR-1A (Approved Persons) of Module LR impose further requirements. To satisfy Condition 4 of the CBB's Licensing Conditions, an Islamic bank licensee's staff, taken together, must collectively provide a sufficient range of skills and experience to manage the affairs of the licensee in a sound and prudent manner (LR-2.4). This condition specifies that Islamic bank licensees must ensure their employees meet any training and competency requirements specified by the CBB. Chapter LR-1A (Approved Persons) of Module LR sets forth the 'fit and proper' requirements in relation to competence, experience and expertise required by approved persons; this Chapter specifies various factors that the CBB takes into account when reaching such a decision.

          October 2013

      • Legal Basis

        • TC-A.1.5

          This Module contains the CBB's Directive (as amended from time to time) relating to training and competency and is issued under the powers available to the CBB under Articles 38 and 65(b) of the Central Bank of Bahrain and Financial Institutions Law 2006 ('CBB Law'). The Directive in this Module is applicable to all Islamic bank licensees (including their approved persons).

          October 2013

        • TC-A.1.6

          For an explanation of the CBB's rule-making powers and different regulatory instruments, see Section UG-1.1.

          October 2013

    • TC-A.2 TC-A.2 Module History

      • Evolution of the Module

        • TC-A.2.1

          This Module was first issued in October 2013. Any material changes that are subsequently made to this Module are annotated with the calendar quarter date in which the change is made; Chapter UG-3 provides further details on Rulebook maintenance and version control.

          October 2013

        • TC-A.2.2

          A list of recent changes made to this Module is provided below:

          Module Ref. Change Date Description of Changes
          Appendix TC-1 01/2014 Added Chartered Financial Analyst as possible qualification for heads of other functions.
          TC-B.1.4 07/2014 Clarified scope of application.
          Appendix TC-1 10/2015 Added securities market regulation certification as other relevant certification for heads of other functions.
          Appendix TC-1 10/2016 Added BIBF Advanced Diploma in Islamic Finance and Advanced Diploma in Commercial Jurisprudence from BIBF.
          TC-2.3.3 04/2017 Amended Paragraph on exception to the grandfathering rule.
          TC-1.1.1 10/2018 Amended Individuals occupying controlled functions.
          TC-1.1.10 10/2018 Amended title to be Shari'a Officer and amended responsibilities.
          TC-1.1.12A 10/2018 Added new Paragraph on Head of Internal Shari'a Audit.
          Appendix-TC-1 10/2018 Amended qualifications and core competencies of Shari'a Officer.
          Appendix-TC-1 10/2018 Added Head of Internal Shari'a Audit function qualifications and competencies.
          TC-2.3.5 01/2019 Added a new Paragraph on grandfathering requirement to CFO.
          Appendix-TC-1 01/2019 Amended Appendix.
          TC-2.3.5 04/2020 Amended CIPA naming.
          Appendix-TC-1 04/2020 Amended CIPA naming.