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OM-4.2.1

To ensure an ability to operate on an ongoing basis and limit losses in the event of severe business disruption all Islamic bank licensees must establish a comprehensive framework for business continuity management (BCM) and must maintain a business continuity plan (BCP) appropriate to the scale and complexity of their operations. A BCP must address the following key areas:

(a) Data back up and recovery (hard copy and electronic);
(b) Continuation of all critical systems, activities, and counterparty impact;
(c) Financial and operational assessments;
(d) Alternate communication arrangements between the licensee and its customers and its employees;
(e) Alternate physical location of employees;
(f) Communications with and reporting to the CBB and any other relevant regulators; and
(g) Ensuring customers' prompt access to their funds in the event of a disruption.
Added: January 2020