Companies under Formation
FC-1.1.10B
Islamic bank licensees may open a bank account for the purpose of injection of initial capital (bank account for depositing capital) for a company under formation. No transfers or disbursement of funds must take place from such bank account until all the CDD requirements have been fully met.Added: January 2024FC-1.1.10C
Islamic bank licensees should only deny a request for opening accounts due to serious reasons or in case of suspicions arising from AML/CFT risk assessments. An example of a serious reason includes the detection of the fact that one of the shareholders of the company under formation appears in local, regional or international sanction lists.Added: January 2024FC-1.1.10D
Islamic bank licensees may open a separate bank account for the purpose of payment of formation expenses under conditions to be agreed with the customer.Added: January 2024FC-1.1.10E
All bank accounts of the company under formation must be closed or suspended and funds returned (see Paragraph FC-1.1.11) if the final CR is not received and the customer has not completed the customer due diligence requirements within a period of six months from the date of opening the account. The six-month period may be extended subject to a bilateral arrangement between the
licensee and the customer.Added: January 2024FC-1.1.10F
For the purposes of account mentioned in Paragraph FC-1.1.10D,
Islamic bank licensees should follow the guidance below:(a)Licensees should receive from the customer, information regarding the nature of transactions, volume and prospective vendors during the formation stages;(b)Licensees may agree with the customer a limit for maximum payments to be made out of this account;(c)Licensees should ensure that payments from such accounts are only through EFTS; and(d)Licensees should integrate their systems with Sijilat system of the Ministry of Industry and Commerce for real-time access to allow opening of accounts in a timely and efficient manner.Added: January 2024
