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  • Providing Trust Services

    • LR-1.3.51

      Providing trust services is defined as:

      (a) Establishment of trusts;
      (b) Administration of trusts in accordance with the provisions of the trust deed;
      (c) Providing related ancillary services to trusts in accordance with the provisions of the trust deed; and
      (d) Providing financial advisory services to trust business clients only.
      Added: October 2018

    • LR-1.3.52

      The related ancillary services under sub-paragraph LR-1.3.51(c) include providing directorship services, company secretarial services, providing a registered address and/or acting as a shareholder to the company holding the assets of a trust.

      Added: October 2018

    • LR-1.3.53

      Islamic bank licensees must ensure that the trust services in Paragraph LR-1.3.51 are handled by an independent trust service department within the bank.

      Added: October 2018

    • LR-1.3.54

      Islamic bank licensees must comply with the legislative Decree No. (23) of 2016 with regards to Trust, and CBB's resolutions and directives issued in this regard.

      Added: October 2018