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TC-1.1.11

In accordance with Paragraph LR-1A.1.12, an employee of appropriate standing must be designated by the Islamic bank licensee for the position of compliance officer. The duties of the compliance officer, include:

(a) Having responsibility for oversight of the Islamic bank licensee's compliance with the requirements of the CBB and other applicable laws and regulations;
(b) Raising awareness and providing training for the Islamic bank licensee's staff on compliance issues; and
(c) Reporting to the Islamic bank licensee's Board in respect of that responsibility.
October 2013