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  • CFP-1.6 CFP-1.6 Other Operating Requirements

    • CFP-1.6.1

      A financing-based crowdfunding platform operator must become a member of the Bahrain Credit Reference Bureau.

      Added: April 2022

    • CFP-1.6.2

      Crowdfunding platform operators must ensure that the terms and conditions for the arrangements between the relevant parties to the crowdfunding offer are legally enforceable. Such terms must include the following details:

      (a) For financing-based crowdfunding offers, details of the borrowing, tenor, terms of repayment, the nature and frequency of reporting of performance by the borrower to the lender;
      (b) For equity-based crowdfunding offers, the amount of shares offered, the nature of the shares, and the price;
      (c) The duties, rights and obligations of the crowdfunding platform operator, borrower/issuer and lender/investor, including legal remedies.
      Added: April 2022

    • CFP-1.6.3

      A financing-based crowdfunding platform operator that hosts sharia-compliant financing offers, must ensure that such facilities are based on Sharia-compliant financing contracts such as Murabaha, Ijarah, Salam, Istisna’a, etc. Licensees hosting sharia-compliant facilities must make an arrangement with one independent Sharia Scholar to monitor, review and verify that the crowdfunding transactions, including documentation and structuring are in full compliance with Sharia rules and principles. The Sharia Scholar to be appointed must fulfil the eligibility criteria outlined in the CBB’s Sharia Governance Module of Volume 2.

      Added: April 2022

    • CFP-1.6.4

      Crowdfunding platform operators must not host a crowdfunding borrower/issuer that is concurrently hosted on other crowdfunding platforms.

      Added: April 2022