AU-3.7.1

Unless specifically excluded in accordance with Paragraph AU-3.7.3, Islamic bank licensees must arrange for their external auditor or a consultancy firm approved by the CBB as per Paragraph BR-4A.3.2, to report on the bank's compliance with the requirements contained in Chapter HC-5, at least once a year.

AU-3.7.2

The report specified in Rule AU-3.7.1 must be in the form agreed by the CBB, and must be submitted by the bank to the supervision point of contact at the CBB when the audited financial statements are submitted, i.e. within 3 months of the bank's year end (See Section BR-4A.3).

AU-3.7.3

Where an Islamic bank licensee has no:

whose total annual remuneration (including all benefits) is in excess of BD100,000, Paragraph AU-3.7.1 does not apply. In this instance, an annual notification must be sent to the CBB once it is determined that this situation applies.