CA-5.5.10
An
(a) The net spot position in the concerned currency (i.e. all assets items less all liability items, including accrued profit, other income and expenses, denominated in the currency in question; assets are included gross of provisions for bad and doubtful debts, except in cases where the provisions are maintained in the same currency as the underlying assets);
(b) The net position of a binding unilateral promise by the Islamic bank licensee to buy and/or sell the concerned currency on a specified future date (that are not included in the spot open position);
(c) Guarantees and similar off-balance sheet contingent items that are certain to be called and are likely to be irrecoverable where the provisions, if any, are not maintained in the same currency;
(d) Profits (i.e. the net value of income and expense accounts) held in the currency in question; and
(e) Specific provisions held in the currency in question where the underlying asset is in a different currency, net of assets held in the currency in question where a specific provision is held in a different currency.
January 2015