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    • Ijara sukuk

      Islamic contract issued on stand alone assets identified on the balance sheet. For this purpose, the assets identified can be land which is to be leased, or equipment (e.g. aircraft, ships) to be leased. The rental rates of returns on these Sukuk can be both fixed and floating, depending on the particular originator.

      Added: January 2014

    • Immobilization

      Means a process by which physical securities are held in a licensed central depository for the account of the beneficial owners of such securities and such immobilized securities can either be transferred by electronic or book entries on the records of a licensed central depository.

      Added: July 2011

    • Independent director

      Means a director whom the board has specifically determined has no material relationship which could affect his independence of judgement, taking into account all known facts. The board should consider that, although a particular director meets the formal requirements, he may not be independent owing to specific circumstances of the person or the company, ownership structure of the company, or for any other reason. The board's determination should be a good faith finding after diligent review and full discussion.

      Formal Requirements — "Independent Director" means a director of the company who, or whose family shareholders either separately or together with him or each other, does not have any material pecuniary relationships or transactions with the company (not counting director's remuneration for this purpose), and in particular who, during the one year preceding the time in question met all the following conditions:

      (a) Was not an employee of the company;
      (b) Did not:
      (i) Make to, or receive from, the company payments of more than BD 31,000 or equivalent (not counting director's remuneration);
      (ii) Own more than 5% share or other ownership interest, directly or indirectly, in an entity that made to or received from the company payments of more than such amount;
      (iii) Act as a general partner, manager, director, or officer of a partnership or company that made to or received from the company payments of more than such amount;
      (iv) Have any significant contractual or business relationship with the company which could be seen to materially interfere with the person's capacity to act in an independent manner.
      (c) Did not own directly or indirectly (including for this purpose ownership by any family member or related person) 5% or more of the shares of any type or class of the company;
      (d) Was not engaged directly or indirectly as an auditor or professional adviser for the company;
      (e) Was not an associate of a director or a member of senior management of the company; and
      (f) Was not an associate of a Director, member of senior management or board member of the company’s controller.

      For the purpose of the definition of "independent director":

      (a) Where the term "family" or "family member or related persons" is used reference is made to: spouse, father, mother, son(s) or daughter(s); and
      (b) Where the term "associate" is used reference is made to:
      (i) Spouse, father, mother, son(s) or daughter(s); or
      (ii) A person who is an employee or partner of the Director or of the firm represented or owned by the Director.
      Amended: October 2020
      Amended: July 2020
      Amended: January 2012
      Added: July 2011

    • Information

      Includes:

      (a) Matters of supposition and other matters that are insufficiently definite to warrant being made known to the public;
      (b) Matters relating to the intentions, or the likely intentions, of a person;
      (c) Matters relating to negotiations or proposals with respect to:
      (i) Commercial dealings;
      (ii) Dealings in securities; or
      (iii) Trading in futures contracts;
      (d) Information relating to the financial performance of a company or business trust, or otherwise;
      (e) Information that a person proposes to enter into, or had previously entered into one or more transactions or agreements in relation to securities, or has prepared or proposes to issue a statement relating to such securities; and
      (f) Matters relating to the future.
      Added: July 2011

    • Information Assets

      Any piece of data, device or other component of the environment that supports informationrelated activities.

      Added: April 2019

    • Information disclosed widely enough

      Information is disclosed widely enough if:

      (a) It consists of readily observable matter;
      (b) Without limiting the generality of paragraph (a);
      (i) It has been made known in a matter that would, or would be likely to, bring to the attention of persons who commonly invest in securities of a kind whose price or value might be affected by the information; and
      (ii) Since it was so made known, a reasonable period for it to be disseminated among such persons has elapsed; or
      (c) It consists of deductions, conclusions or inferences made or drawn from either or both of the following:
      (i) Information referred to in paragraph (a);
      (ii) Information made known was referred to in paragraph (b) (i);
      (d) Such information is disclosed in the manner and within the timeframe stipulated by the CBB rules and regulations.
      Added: July 2011

    • Initial listing(s) for publicly traded companies

      For non-Bahraini issuers whose securities are issued in other markets, or listed on another regulated exchange and who wish to list on a licensed exchange in Bahrain.

      Added: January 2014

    • Initial offer for sale

      An offer for sale to the public by or on behalf of existing companies or unlisted issuers or its securities holders or part of its securities holders, whose securities are already in issue or subscribed.

      Added: January 2014

    • Initial public offering

      An offer for subscription to the public by or on behalf of a newly-established company, or an unlisted issuer of its own securities.

      Added: January 2014

    • Insider

      Means any person who has obtained inside information:

      (a) By virtue of his employment or profession;
      (b) Being an officer or shareholder of the issuer of the securities; or
      (c) Through illegal means.

      A person may be an insider if he is already aware that such information is classified as inside information, even though none of the above applies to him. All persons who have access or come into possession of material inside information before its public release are considered insiders. Such persons include controlling shareholders, directors and senior management, officers and employees, and frequently should also include any officials of the CBB and the Exchange who have access to such information, outside attorneys, accountants, auditors, underwriters, investment bankers, public relations advisers, advertising agencies, consultants and other independent contractors. The husbands, wives, immediate families and those under the control of insiders may also be regarded as insiders. Where acquisition or other negotiations are concerned, the above relationships apply to other parties to the negotiations as well. Insiders include “tippees” who come into possession of material inside information.

      Added: July 2011

    • Inside information

      Means information that:

      (a) Is precise in nature relating directly or indirectly to one or more of the securities or the issuer thereof;
      (b) Has not been made public;
      (c) If made public, is likely to have a significant impact on the price of those securities or their derivatives;
      (d) Is, directly or indirectly, related to derivatives of commodities which the traders expect to be disclosed according to the market regulations.

      Inside information includes but not limited to:

      (a) All information that requires prompt announcement, as per the CBB's Disclosure Standards and Listing Rules;
      (b) A merger or demerger of the company, or other significant corporate actions;
      (c) Issuance of a security, a purchase or redemption offer, or another change relating to the paid-up capital of the listed company;
      (d) The contents of quarterly, semi-annual and annual financial statements.
      Added: July 2011

    • Insider trading

      Refers not only to the purchase or sale of an issuer's equity and debt securities, but also to the purchase or sale of puts, calls or other options with respect to such securities. Such trading is deemed to be done by an insider whenever he has any beneficial interest, direct or indirect, in such securities or options, regardless of whether they are actually held in his name. Included in the concept of insider trading or tipping, or revealing inside information to outside individuals, to enable such individuals to trade in the issuer's securities on the basis of undisclosed information.

      Added: July 2011

    • Inspection

      Means an inspection undertaken by official(s) of the CMSD to inspect SRO's, CMSP's, listed companies and members of SRO's, as per Article 114 of the CBB Law.

      Added: July 2011

    • Insurance licensee(s)

      A person licensed under Volume 3 of the CBB Rulebook to undertake regulated insurance services.

    • Intermediary Financial Institution

      Refers to a financial institution in a serial or cover payment chain that receives and transmits a wire transfer on behalf of the ordering financial institution and the beneficiary financial institution, or another intermediary financial institution.

      Added: January 2020

    • Intifaa contract

      Islamic contract which involves "right of use". Buying the Sukuk allows the user the right of use of the asset at predetermined times.

      Added: January 2014

    • Investigation

      Means a formal investigation or preliminary investigation undertaken by any official(s) of the CMSD or any professional firm appointed by the CBB, as per Article 121 of the CBB Law.

      Added: July 2011

    • Investigator

      Means any official(s) of the CMSD or any professional firm appointed by the CBB under Article 121 of the CBB Law to conduct an investigation.

      Added: July 2011

    • Investment firm licensee(s)

      A person licensed under Volume 4 of the CBB Rulebook to undertake regulated investment business services.

    • IOSCO MMoU

      IOSCO MMoU means the International Organisation of Securities Commissions Multilateral Memorandum of Understanding Concerning Consultation and Cooperation and the Exchange of Information.

      Added: July 2011

    • Islamic bank licensee(s)

      A person licensed under Volume 2 of the CBB Rulebook to undertake regulated Islamic banking services.

    • Islamic securities

      Securities which are held out to be Shari'a compliant.

      Added: January 2014

    • Issuer

      Means any person making an issue of securities.

      Added: July 2011

    • Istisna'a contract(s)

      Islamic contract used primarily in project finance. Such contracts are not tradable securities since the underlying asset does not yet exist. The proceeds of such an issue would typically be used to construct the base infrastructure through multiple Istisna'a agreements.

      Added: January 2014