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GR-5.1.3

Islamic bank licensees must obtain prior approval from the BMA for any of the following changes to its controllers (as defined in Section GR-5.2):

(a) a new controller;
(b) an existing controller increasing its holding from below 20% to above 20%;
(c) an existing controller increasing its holding from below 33% to above 33%;
(d) an existing controller increasing its holding from below 50% to above 50%; and
(e) an existing controller increasing its holding from below 75% to above 75%.