BC-9.13.12

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For the purpose of Paragraph BC-9.12.17, the minimum requirements that should be met where the Islamic bank licensee has a soft dollar agreement under which it deals with customers include:

(a) The percentage paid under soft dollar agreements of the total commission paid by or at the direction of:

(i) The Islamic bank licensee; and

(ii) Any other member of the Islamic bank licensee's group which is a party to those agreements;

(b) The value, on a cost price basis, of the goods and services received by the Islamic bank licensee under soft dollar agreements, expressed as a percentage of the total commission paid by or at the direction of:

(i) The Islamic bank licensee; or

(ii) Other members of the Islamic bank licensee's group;

(c) A summary of the nature of the goods and services received by the Islamic bank licensee under the soft dollar agreements; and

(d) The total commission paid from the portfolio of that customer.

Amended: July 2015
Amended: April 2011
Added: April 2008