BR-5.2.12
Past version: Effective from 01 Apr 2020 to 30 Jun 2020
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In addition to the points noted in BR-5.2.11,
(a) Not allow such SPVs to obtain any conventional financing to fund themselves or any transactions that they enter into;
(b) Not allow the SPVs to give any type of financial guarantee, warranty or indemnity to the Rab Al Mal, the Muwakil or investors in the SPVs or any other counterparty either directly or on behalf of the bank; 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: April 2020
Amended: January 2020
Added: January 2015
Amended: January 2020
Added: January 2015