An Islamic bank licensee must classify the persons with or for whom it intends to carry on regulated banking services listed in Paragraph BC-9.2.1, in accordance with the requirements in this Section, and communicates its classification to the person concerned. The customer must be notified of his/her customer classification before any documentation is finalised where regulated banking services or products listed in Paragraph BC-9.2.1 are offered.
Amended: January 2011
Added: April 2008