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  • BR-1.1 BR-1.1 Annual Requirements

    • BR-1.1.1

      All licensees are required to submit to the CBB their annual audited financial statements within 3 months of their financial year end.

      January 2013

    • BR-1.1.2

      In addition to the statements required in Paragraph BR-1.1.1, licensees are required to submit to the CBB the following information within 3 months of their financial year end:

      (a) The external auditor's management letter;
      (b) Audited financial statements of all subsidiaries (whether or not consolidated) along with their management letters;
      (c) The financing company's group structure and the internal organisation chart;
      (d) A list of non-performing and rescheduled credit facilities (including name of customer, country, amount outstanding, net interest income/ profit for the year attributed to profit & loss and the reasons for attributing interest/ profit to income);
      (e) A reconciliation statement between the audited financial statements and the relevant prudential returns;
      (f) The report on controllers as required under Paragraph GR-4.1.10;
      (g) A report on the licensee's close links as required under Paragraph GR-5.1.3;
      (h) [This Sub Paragraph was deleted in October 2014];
      (i) Any supplementary information as required by the CBB; and
      (j) An agreed upon procedures report concerning the completeness of disclosures required by Module PD, Section PD-1.3 and Chapter PD-4 (see also AA-3.2.2).
      (k) Report on the number of hours completed during the previous year in Continuous Professional Development (CPD) via CPD Form in Appendix BR-22 by the approved persons specifically board of directors and management as required under Paragraph TC-1.2.1.
      Amended: April 2017
      Amended: October 2014
      Amended: April 2014
      Amended: July 2013
      Added: January 2013

    • BR-1.1.2A

      In accordance with Paragraph HC-1.3.9, licensees must submit annually a report recording the board meetings held during the year. Such report must be submitted to the CBB, within 30 calendar days of the financial year end, as an attachment to the year-end quarterly PIRFM. Reference should be made to Appendix BR-5, Board and Committee Meetings, under part B/Reporting Forms of Volume 5 for a sample of such report.

      Amended: January 2022
      Added: October 2014

    • BR-1.1.3

      In accordance with the provisions of Section AA-4.1, the audited financial statements and the annual reports of the licensees must be in full compliance with:

      (a) The International Financial Reporting Standards (IFRS); or
      (b) AAOIFI Financial Accounting Standards for Sharia Compliant Financing Companies and for products and activities not covered by AAOIFI, International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS) must be followed; and
      (c) The disclosure requirements set out under Sections PD-1.2, PD-1.3 and PD-1.4.
      January 2013

    • Annual Report

      • BR-1.1.4

        Licensees must submit a soft copy (electronic) of their full annual report to the CBB within 4 months of the end of their financial year (SeePD-1.2.6).

        Amended: January 2022
        January 2013