• TC-2.1 TC-2.1 Recruitment and Assessing Competence

    • Recruitment and Appointment

      • TC-2.1.1

        If an Islamic bank licensee recruits or promotes an individual to undertake a controlled function, it must first file Form 3 (Approved Persons) with the CBB and obtain the express written approval of the CBB for that person to occupy the desired position. In its application, the Islamic bank licensee must demonstrate to the CBB that full consideration has been given to the qualifications and core competencies for controlled functions in Appendix TC-1. (See Article 65(b) of the CBB Law and Paragraph LR-2.3.1).

        October 2013

      • TC-2.1.2

        Islamic bank licensees should refer to Module LR (Licensing Requirements) providing detailed requirements on the appointment of individuals occupying controlled functions (approved persons).

        October 2013

      • TC-2.1.3

        An Islamic bank licensee proposing to recruit an individual has to satisfy itself, of his/her relevant qualifications and experience. The Islamic bank licensee should:

        (a) Take into account the knowledge and skills required for the role, in addition to the nature and the level of complexity of the controlled function; and
        (b) Take reasonable steps to obtain sufficient information about the individual's background, experience, training and qualifications.
        October 2013

    • Record Keeping

      • TC-2.1.4

        An Islamic bank licensee must make and retain records of its recruitment procedures for a minimum period of five years. Such procedures should be designed to adequately take into account proof of the candidates' knowledge and skills and their previous activities and training.

        October 2013

      • TC-2.1.5

        In addition to recruitment procedures in Paragraph TC-2.1.4, the Islamic bank licensee must retain the recruitment records of approved persons for a minimum period of five years following termination of their services or employment with the bank. Such records must include, but are not limited to, the following:

        (a) Results of the initial screening;
        (b) Results of any employment tests;
        (c) Results and details of any interviews conducted;
        (d) Background and references checks; and
        (e) Details of any professional qualifications.
        October 2013

    • Assessing Competence

      • TC-2.1.6

        Islamic bank licensees must not allow an individual to undertake or supervise controlled functions unless that individual has been assessed by the Islamic bank licensee as competent in accordance with this Section.

        October 2013

      • TC-2.1.7

        In determining an individual's competence, Islamic bank licensees may assess if the person is fit and proper in accordance with Chapter LR-1A.

        October 2013

      • TC-2.1.8

        Islamic bank licensees must assess individuals as competent when they have demonstrated the ability to apply the knowledge and skills required to perform a specific controlled function.

        October 2013

      • TC-2.1.9

        The assessment of competence will be dependent on the nature and the level of complexity of the controlled function. Such assessment of competence of new personnel may take into account the fact that an individual has been previously assessed as competent in a similar controlled function with another Islamic bank licensee.

        October 2013

      • TC-2.1.10

        If an Islamic bank licensee assesses an individual as competent in accordance with Paragraph TC-2.1.8 to perform a specific controlled function, it does not necessarily mean that the individual is competent to undertake other controlled functions.

        October 2013

      • TC-2.1.11

        An Islamic bank licensee should use methods of assessment that are appropriate to the controlled function and to the individual's role.

        October 2013

    • Record Keeping

      • TC-2.1.12

        An Islamic bank licensee must, for a minimum period of five years, make and retain updated records of:

        (a) The criteria applied in assessing the ongoing and continuing competence; and
        (b) How and when the competence decision was arrived at.
        October 2013

      • TC-2.1.13

        For purposes of Paragraph TC-2.1.12, the record keeping requirements apply to both current employees as well as to employees following termination of their services or employment with the bank, for a minimum period of five years.

        October 2013