• 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