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GR-7.1.5

Licensees seeking to obtain the CBB's permission to cease business must apply to the CBB in writing, in the form of a formal request together with supporting documents. Unless otherwise directed by the CBB, the following information/documentation must be provided in support of the request:

(a) Full details of the business to be terminated;
(b) The rationale for the cessation;
(c) How the Islamic bank licenseeG proposes to cease business;
(d) Notice of an extraordinary shareholder meeting setting out the agenda to discuss and approve the cessation, and inviting the CBB for such meeting;
(e) Evidence that the proposed cessation has been duly authorised by the Islamic bank licenseeG (such as a certified copy of a Board resolution approving the cessation);
(f) Formal request to the CBB for the appointment of a liquidator acceptable to the CBB;
(g) A cut-off date by which the Islamic bank licenseeG will stop its operations;
(h) If the Islamic bank licenseeG wishes to cease its whole business, confirmation that the Islamic bank licenseeG will not enter into new business with effect from the cut-off date;
(i) If applicable, an assessment of the impact of the cessation on any customers directly affected by the cessation, and any mitigating factors or measures; and
(j) If applicable, an assessment of the impact of the cessation on the Islamic bank licensee'sG remaining business and customers, and any mitigating factors or measures.
Adopted: October 2011
 Versions
(1 Version)
 
Oct 1 2011 onwards
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