PCD-4.1.3

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Oct 01 2010 - Mar 31 2014
Apr 01 2014

The CBB requires any Bahraini Islamic bank licensee associated with an SPV to confirm the following points in any request for approval under Paragraph PCD-4.1.2:

(a) The purpose of the SPV;

(b) The nature of the relationship between the Bahraini Islamic bank licensee and the SPV (i.e. originator, sponsor, manager, investor, controller etc.);

(c) The proposed consolidation/accounting treatment of the SPV in relation to the Bahraini Islamic bank licensee both for the PIR and the audited financial statements' purposes as agreed with its external auditor;

(d) The availability of financial and other information relevant to the SPV and access to its business premises and records;

(e) Whether the Bahraini Islamic bank licensee is providing any guarantees, warranties or financial/liquidity support of any kind to the SPV; and

(f) A copy of the Bahraini Islamic bank licensee's Shari'a Supervisory Board approval of the initial investment or financing structure involving the use of the concerned SPV(s).

Amended: April 2014
October 2010