BC-B.1.10

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The Islamic bank licensee must establish a policy with regard to 'whistle-blowing' so as to encourage all employees to report promptly to an appropriate level of management any breach or suspected breach of business conduct principles. The policy must, among other things, clarify:

(a) The procedures according to which an employee can report any instance of conduct that he or she considers to be in breach of such principles;

(b) Actions to be carried out by management upon receipt of the report; and

(c) The obligations of the Islamic bank licensee to take measures to prevent future breaches.

Added: July 2015