BC-A.3.3

The most recent changes to this Module are detailed in the table below:

Summary of Changes

Module Ref. Change Date Description of Changes
BC 4.6 01/10/05 Streamlined requirements for new products
BC 8 01/04/06 Margin trading rules and guidance
BC-A.1 10/2007 New Rule BC-A.1.4 introduced, categorising this Module as a Directive.
BC-9 04/2008 New Investment Business related requirements for conduct of business.
BC-4.8 04/2008 New requirement to comply with Code of Best Practice on Consumer Credit and Charging.
BC-8.2 07/2009 Removal of numerical restrictions related to margin trading requirement.
BC-9.5.17 10/2010 Clarified the wording of Rule by replacing the term "legal" with "licensing".
BC 01/2011 Various minor amendments to ensure consistency in formatting of CBB Rulebook
BC-A.1.4 01/2011 Clarified legal basis.
BC-1.1.13 01/2011 Corrected reference to Ministry of Industry and Commerce.
BC-8 01/2011 Changes made to reflect new definitions related to licensed exchange(s).
BC-1.1.11 04/2011 Clarified retention period of records for promotional schemes.
BC-3.1.1 and BC-4.2 04/2011 Minor amendments to clarify Rules.
BC-A.2.2 10/2011 Added new Section to list of activities covered by this Module.
BC-4.6.3 10/2011 Deleted Paragraph. Reduced notification requirements on new or expanded products and facilities.
BC-4.7.2 10/2011 Updated name of Ministry of Justice and Islamic Affairs.
BC-4.9 10/2011 Added new Section on transaction advice.
BC-9.11 and BC-10 10/2011 Replaced Section BC-9.11 dealing with complaints and added Chapter BC-10 Customer Complaints Procedures in line with results of consultation and made it applicable to all regulated banking services.
BC-10 01/2012 Minor corrections to correct typos and clarify language.
BC-10.3.9 01/2012 Paragraph deleted as it repeats what is in Paragraph BC-10.3.7.
BC-6.1.6 04/2012 Cross reference added.
BC-6.1.10 and BC-6.1.11 04/2012 Rule clarified and split into one Rule and one Guidance Paragraphs.
BC-9.2.1 04/2012 Corrected cross reference.
BC-1.2 07/2012 Added Section on advertisements for retail banking products and services.
BC-4.2.3 07/2012 Paragraph deleted as cross-reference is not applicable.
BC-9.5.12A 07/2012 Added guidance to clarify promotion material from banks.
BC-10.1.3A 07/2012 Added guidance on the appointment of the customer complaints officer.
BC-1.1.2 10/2012 Added cross reference to advertising requirements under Section BC-1.2.
BC-4.2 10/2012 Section amended to reflect outcome of consultation on disclosure of interest/profit rate fees and charges by retail banks.
BC-4.7 10/2012 Amended to make Rules clearer.
BC-6.1.2 10/2012 Clarified process for applications for the installation of off-site ATMs.
BC-4.3 01/2013 This Section was deleted and requirements are now covered under Section FC-1.6.
BC-1.2.2 04/2013 Corrected cross reference.
BC-4.2.2 04/2013 Clarified Rule on instances when customers must be kept informed of charges.
BC-9.9.14 and BC-9.9.16(e)(v) 04/2013 Clarified Rules on allocations.
BC-10.7 07/2013 Additional details provided on reporting of complaints.
BC-5.3 10/2013 Updated penalty charges on dishonoured cheques.
BC-6.3 01/2014 Added new Section on local ATM network charges.
BC-4.2 04/2014 Changes made to align language with Islamic terminology.
BC-4.11 04/2014 Added new Section on donations to NGO accounts.
BC 07/2015 Module amended to reflect IFSB-9 'Guiding principles on conduct of business for institutions offering Islamic financial services'.
BC-B.2.1 and BC-9.9.22 10/2015 Corrected cross reference.
BC-B.5.10 10/2015 Deleted incorrect cross reference.
BC-B.5.12A 10/2015 Added guidance on when a 'cooling off period' may be waived.
BC-4.12 10/2015 Added new Section on credit check reports.
BC-9.12.15 10/2015 Minor correction.
BC-9.13.9 10/2015 Deleted reference to securities lending.
BC-A.2.5, and BC-11 04/2016 Added new Section on Measures and Procedures for Services Provided to Disabled Customers.
BC-6.3 04/2016 Amendment to local ATM charges.
BC-6.1.6 07/2016 Deleted reference to Ministry of Interior.
BC-4.6 10/2016 Updated Section on "Notification to the CBB on Introduction of New or Changes to Customer Products and Facilities"
BC-4.9.1 10/2016 Amendment to Transaction Advice
BC-8.2.5 10/2016 Rectified term 'Credit Reference Bureau'
BC-5A 01/2017 Added new Section on Return Policy — Post-Dated Cheques
BC-11.1, BC-11.2 and BC-11.3 04/2017 Amended Sections to clarify applicability of Rules.
BC-5.3.1 07/2017 Amended Paragraph to include penalty charges on returned cheques for the reason of Insufficient Funds.
BC-4.1 04/2018 Deleted Section on "Minimum Balance and Charges on Savings Accounts".
BC-4.13 04/2018 Added new Section on "Fees and Charges for Services Provided to Individuals".
BC-5.3.2 04/2018 Deleted Paragraph on "Dishonoured Cheques'.
BC-6.2 04/2018 Deleted Section on "GCC ATM Network Charges".
BC-6.3 04/2018 Deleted Section on "Local ATM Network Charges".
BC-4.2.28A 07/2018 Added new Paragraph on existing "Early Repayment" requirements.
BC-4.14 10/2018 Added a new Section on Fees and Charges for Services Provided to Companies under Formation.
BC-12 10/2018 Added a new Chapter on Financial Advice Programme.
BC-4.2.22 01/2019 Amended Paragraph on disclosure of charges by retail banks.
BC-4.2.24 01/2019 Amended Paragraph on disclosure to individual customers.
BC-4.2.25A 01/2019 Added a new Paragraph on rounding off in transactions.
BC-4.13.2 01/2019 Added a new Paragraph on waived fees and charges.
BC-4.15 07/2019 Added a new Section on Profit/Fees on Credit Card Transactions.
BC-4.16 10/2019 Added a new Section Profit on Credit Facilities.
BC-6.1 10/2019 Deleted Section.
BC-11.2.2 01/2020 Amended Paragraph.
BC-4.17 04/2020  Added a new Section on Blocking Customer Accounts. 
BC-10.3.15  04/2020 Amended Paragraph adding reference to CBB consumer protection. 
BC-10.5.6 04/2020 Amended Paragraph adding reference to CBB consumer protection. 
BC-10.7.1 -
BC-10.7.3 
04/2020 Amended Paragraph adding reference to CBB consumer protection. 
BC-C 10/2020 Added a new chapter on Provision of Financial Services on a Non-discriminatory Basis.
BC-4.18 10/2020 Added a new Section on Fund Transfers by Customers of Payment Service Providers (PSP).
Table of Content 04.2021 Amended Appendix BC-7 title in ToC.
BC-4.19 04/2021 Added a new Section on ‘Merchant Fees on Payments to Zakat and Charity Fund’.
BC-1.2.1 07/2021 Deleted Paragraph.
BC-1.2.2 07/2021 Deleted Paragraph.
BC-4.2.6 07/2021 Amended Paragraph.