LR-3.1.5
Unless otherwise directed by the BMA, the following documents must be provided as Part of Phase 1 in support of a license application:
(a) a duly completed Form 2 (Application for Authorisation of Controller) for each controller of the proposed licensee;
(b) a duly completed Form 3 (Application for Approved Person status), for each proposed Director of the proposed licensee;
(c) a comprehensive business plan for the application, addressing the matters described in LR-3.1.6;
(d) for overseas banks, a copy of the bank's current commercial registration or equivalent documentation;
(e) where the applicant is a registered institution, a copy of the applicant's commercial registration;
(f) where the applicant is a corporate body, a certified copy of a Board resolution of the applicant, confirming its decision to seek a BMA Islamic bank license;
(g) in the case of applicants that are part of a regulated group, a letter of non-objection to the proposed license application from the applicant's home supervisor , together with confirmation that the group is in good regulatory standing and is in compliance with applicable supervisory requirements, including those relating to capital adequacy and solvency requirements;
(h) in the case of overseas branch applicants, a letter of non-objection to the proposed license application from the applicant's home supervisor, together with confirmation that the applicant is in good regulatory standing and is in compliance with applicable supervisory requirements, including those relating to capital adequacy requirements;
(i) in the case of branch applicants, copies of the audited financial statements of the applicant (head office) for the three years immediately prior to the date of application; and
(j) in the case of other applicants, copies of the audited financial statements of the applicant's major shareholder and/or group (as directed by the BMA), for the three years immediately prior to the date of application.