BC-B.1.9

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The assurances contained in the charter will ensure the generation of more disciplined, prepared and responsible Islamic bank licensee. Various benefits will be obtained from the establishment of the client's charter.

Benefits to the Public:

(a) Enables the public to know specifically the quality of service to expect from the Islamic bank licensee;

(b) Enables the public to evaluate the performance of the services rendered;

(c) Reduces uncertainties over the delivery of services;

(d) Facilitates comparisons between Islamic bank licensee that offer similar services; and

(e) Allows the public to be more aware of the conduct commitment of each Islamic bank licensee.

Benefits to the Islamic bank licensee:

(a) Acts as a performance indicator, which will enable the Islamic bank licensee to evaluate its conduct practices; and

(b) Upgrades the discipline, responsibility and accountability of the Islamic bank licensee, which in turn will contribute to a more transparent Islamic finance industry.

Added: July 2015