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BC-9.11.1

Past version: Effective from 01 Apr 2008 to 30 Sep 2011
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Islamic bank licensees must disclose, maintain and operate effective procedures for handling complaints in a reasonable and timely manner:

(a) Informing customers in writing of any out of court complaint and redress mechanism and methods for having access to it;
(b) Paying compensation or other forms of redress to retail customers where the Islamic bank licensee decides this is appropriate; and
(c) Regularly verifying if complaints are effectively processed.
Added: April 08