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  • GR-11 GR-11 Credit Facilities Extended to Related Parties

    • GR-11.1 GR-11.1 Credit Facilities Extended to Related Parties

      • GR-11.1.1

        Licensees are prohibited from extending credit facilities to proprietors, partners and shareholders of the business.

        Amended: January 2013
        October 2010

      • GR-11.1.1A

        Credit facilities include but are not limited to loans and shari'a compliant financing facilities.

        Added: January 2013

      • GR-11.1.2

        Credit facilities may be extended to employees of the licensee, other than proprietors, partners and shareholders of the business.

        Amended: January 2013
        October 2010

      • GR-11.1.3

        Licensees must obtain the CBB's prior written approval for any credit facility in excess of BD15,000, extended to the employees of the business.

        Amended: January 2013
        October 2010

      • GR-11.1.4

        Licensees must obtain the CBB's prior written approval before writing-off any credit facility extended to the employees of the business.

        Amended: January 2013
        October 2010