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BR-5.2.12

Past version: Effective from 01 Jan 2020 to 31 Mar 2020
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In addition to the points noted in BR-5.2.11, Bahraini Islamic bank licensees which are involved with SPVs in any of the relationships described in Paragraph BR-5.2.9 must:

(a) Not allow such SPVs to obtain any Islamic financing to fund themselves or any transactions that they enter into;
(b) Not provide any guarantees, warranties or financial/liquidity support of any kind to the SPV or its Rab Al Mal, the Muwakil or investor in the SPV; and
(c) Ensure that there are no legal or other restrictions on the availability of financial and other information relevant to the SPV and access to its business premises and records.
Amended: January 2020
Added: January 2015