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BC-9.9.20

Past version: Effective from 01 Apr 2008 to 31 Dec 2010
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Islamic bank licensees must close out a retail customer's open position if that customer has failed to meet a margin call within a maximum of five business days following the date on which the obligation to meet the call accrues, unless:

(i) The Islamic bank licensee has received confirmation from a relevant third party (such as a clearing firm) that the retail customer has given instructions to pay in full; or
(ii) The Islamic bank licensee has taken reasonable care to establish that the delay is owing to circumstances beyond the retail customer's control.
Added: April 08