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LR-2.2.2

In assessing the location of an Islamic bank licensee's Head Office, the BMA will take into account the residency of its Directors and senior management. The BMA requires the majority of key decision makers in executive management — including the Chief Executive — to be resident in Bahrain. In the case of overseas Islamic bank licensees, the BMA requires the branch of a foreign company to have a substantive presence, demonstrated by a level of staff and other resources sufficient to ensure adequate local scrutiny and control over business booked in the Bahrain branch, as well as the General Manager of the branch to be resident in Bahrain.