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GR-4.1.1

In accordance with the CBB Governor s Resolution No.(33) for the year 2012 issued pursuant to Article 66 of the CBB Law, an Islamic bank licensee (transferor) must seek prior written approval from the CBB before transferring any regulated banking service to a person (transferee), except in the following circumstances:

(a) Where the transferred business is limited to the assets and/or liabilities of the transferor and does not include any regulated banking services; or
(b) Where the regulated service transferred accounts for less than 5% of the transferor s total assets and/or liabilities as recorded in the unconsolidated balance sheet of the financial quarter preceding the date of the transfer of business application.
Added: October 2012