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 2013TC-2.3.2
New applications for
approved persons are subject to the requirements of this Module (See Paragraph TC-B.1.4).October 2013TC-2.3.3
Approved persons occupyingcontrolled 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 theapproved person move to anothercontrolled function , Paragraph TC-2.3.4 will apply.Amended: April 2017
October 2013TC-2.3.4
In instances, where an
approved person in oneIslamic bank licensee moves to anotherIslamic bank licensee and occupies the same function, the CBB will exercise its discretion on whether to grandfather suchapproved person from the required qualifications and competencies outlined in Appendix TC-1 into the newIslamic 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 anapproved person in oneIslamic bank licensee moves from one department to another within the sameIslamic bank licensee .October 2013TC-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