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In accordance with the CBB Governor's Resolution No.(33) for the year 2012 issued pursuant to Article 66 of the CBB Law, an Islamic bank licenseeG (transferorG ) must seek prior written approval from the CBB before transferring any regulated banking service to a person (transfereeG ), except in the following circumstances:

(a) Where the transferred business is limited to the assets and/or liabilities of the transferorG and does not include any regulated banking servicesG ; or
(b) Where the regulated service transferred accounts for less than 5% of the transferor'sG total assets and/or liabilities as recorded in the unconsolidated balance sheet of the financial quarter preceding the date of the transfer of business application.
Added: October 2012
(1 Version)
Oct 1 2012 onwards
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