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LR-3.2.3

In addition to any other information requested by the BMA, and unless otherwise directed by the BMA, an Islamic bank licensee requesting BMA approval to undertake a new regulated Islamic banking service must provide the following information:

(a) a summary of the rationale for undertaking the proposed new activities;
(b) a description of how the new business will be managed and controlled;
(c) an analysis of the financial impact of the new activities; and
(d) a summary of the due diligence undertaken by the Board and management of the Islamic bank licensee on the proposed new activities.