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FC-1.1.10F

For the purposes of account mentioned in Paragraph FC-1.1.10D, Islamic bank licensees should follow the guidance below:

(a) Licensees should receive from the customer, information regarding the nature of transactions, volume and prospective vendors during the formation stages;
(b) Licensees may agree with the customer a limit for maximum payments to be made out of this account;
(c) Licensees should ensure that payments from such accounts are only through EFTS; and
(d) Licensees should integrate their systems with Sijilat system of the Ministry of Industry and Commerce for real-time access to allow opening of accounts in a timely and efficient manner.
Added: January 2024