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  • TC-2.3 TC-2.3 Transitional Period

    • TC-2.3.1

      The requirements of this Module for Islamic bank licensees are effective from the issuance date of this Module.

      October 2013

    • TC-2.3.2

      New applications for approved persons are subject to the requirements of this Module (See Paragraph TC-B.1.4).

      October 2013

    • TC-2.3.3

      Approved persons occupying controlled functions at the time this Module is issued will be grandfathered and not subject to the requirements of this Module, with the exception of CPD requirements in Paragraph TC-1.2.1 and Paragraphs BR-1.1.4(m) and BR-1.2.3(g). However, should the approved person move to another controlled function, Paragraph TC-2.3.4 will apply.

      Amended: April 2017
      October 2013

    • TC-2.3.4

      In instances, where an approved person in one Islamic bank licensee moves to another Islamic bank licensee and occupies the same function, the CBB will exercise its discretion on whether to grandfather such approved person from the required qualifications and competencies outlined in Appendix TC-1 into the new Islamic bank licensee. The grandfathering criteria used by the CBB will include a comparison of the scope and size of both positions. This will also apply in instances where an approved person in one Islamic bank licensee moves from one department to another within the same Islamic bank licensee.

      October 2013

    • TC-2.3.5

      Approved persons holding the Chief Financial Officer/ Head of Financial Control position up until 31st January 2019 are exempted from the requirement of holding Certified Islamic Professional Accountant Certificate (CIPA) from AAOIFI in Appendix TC-1. However, appointments to such a role from 1st February 2019 onwards will be required to meet all the qualification requirements for such position in Appendix TC-1.

      Amended: April 2020
      Added: January 2019