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GR-4.2.1

Islamic bank licensees wishing to transfer banking business in the Kingdom must apply to the Executive Director of Banking Supervision by submitting an application form along with the supporting documents as specified by the CBB (see Part B, Supplementary Information, Appendix GR-1). Unless otherwise directed by the CBB, the application must provide:

(a) Full details of the business to be transferred including a detailed list of all liabilities or assets that will be transferred;
(b) The rationale for the proposed transfer;
(c) If applicable, an assessment of the impact of the transfer on any customers directly affected by the transfer, and any mitigating factors or measures;
(d) If applicable, an assessment of the impact of the transfer on the transferor's remaining business and customers; and
(e) Evidence that the proposed transfer has been duly authorised by the transferor (such as a certified copy of a Board resolution approving the transfer).
Added: October 2012