Granting or Refusal of License
SIO-2.1.15
Should a license be granted, the CBB will notify the applicant in writing of the fact; the CBB will also publish its decision to grant a license in the Official Gazette and in two local newspapers (one published in Arabic, the other in English). The license may be subject to such terms and conditions as the CBB deems necessary for the additional conditions being met.
Added: July 2025SIO-2.1.16
The CBB may reject an application for a license if in its opinion:
(a) The requirements of the CBB Law or the Rulebook are not met;(b) False or misleading information has been provided to the CBB, or information which should have been provided to the CBB has not been so provided; or(c) The CBB believes it necessary in order to safeguard the interests of potential clients.Added: July 2025SIO-2.1.17
Where the CBB intends to refuse an application for a license, it must give the applicant written notice to that effect. Applicants will be given a minimum of 30 calendar days from the date of the written notice to appeal the decision, as per the appeal procedures specified in the notice.
Added: July 2025SIO-2.1.18
Before the final approval is granted to an applicant, a confirmation from a licensed retail bank addressed to the CBB that the minimum capital, as specified in this Module, has been paid in must be provided to the CBB.
Added: July 2025
