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GR-5.4.1

Within 3 months of receipt of an approval request under Paragraph GR-5.1.4, the CBB will issue in writing to the applicant and the bank, an approval notice (with or without restrictions) or a written notice of refusal if it is not satisfied that the person concerned is suitable to increase his shareholding in, or become a controllerG of the Islamic bank licenseeG . The notice of refusal or notice of approval with conditions will specify the reasons for the objection or restriction and specify the applicant's right of appeal in either case. Where an approval notice is given, it will specify the period for which it is valid and any conditions that attach (see Paragraph GR-5.1.6). These conditions will include the maximum permitted limit of holding or voting control exercisable by the controllerG .

Amended: July 2013
Amended: April 2013
Amended: January 2011
Amended: October 2009
Amended: April 2008
October 2007
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