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  • CM-3.6 CM-3.6 Country and Transfer Risks

    • CM-3.6.1

      The CBB requires all Islamic bank licensees to set out their policy on country and transfer risks, including the criteria on downgrading a country exposure from stage 1 to stages 2 or 3, and related provisioning requirements, in a policy statement which must be approved by the CBB.

      Added: July 2017

    • CM-3.6.2

      For the purpose of Paragraph CM-3.6.1, Islamic bank licensees , may consider the sovereign risk matrix factors, stipulated in Appendix CM-1 (Sovereign Debt Provision Matrix), and any other factors.

      Added: July 2017

    • CM-3.6.3

      Branches of foreign Islamic bank licensees must satisfy the CBB that equivalent arrangements are in place at the parent entity level, otherwise a policy statement is required in line with paragraph CM-3.6.1.

      Added: July 2017

    • CM-3.6.4

      The policy statement set in Paragraph CM-3.6.1 must be implemented with effect from 1st January 2018.

      Added: July 2017