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Location: Central Bank of Bahrain Volume 2—Islamic Banks > Part A > High Level Standards > GR General Requirements > GR-4 Business Transfers > GR-4.4 CBB Decision > GR-4.4.1
  • GR-4.4 CBB Decision

    • GR-4.4.1

      In accordance with Article 67 (d) of the CBB Law and Article 8 of the Regulation issued pursuant to Resolution No.(33) of 2012, the CBB's decision regarding the application for transfer made under Section GR-4.2, will be published as a notice in the Official Gazette and in two local newspapers (one in Arabic and one in English) and will come into effect from this date.

      Added: October 2012

    • GR-4.4.2

      If the liabilities are located in a jurisdiction outside Bahrain, the CBB may also publish such notice in the jurisdiction in which the risk is situated.

      Added: October 2012

    • GR-4.4.3

      The costs of publication of the notices referred to in Paragraphs GR-4.4.1 and GR-4.4.2 must be met by the transferorG .

      Added: October 2012

    • GR-4.4.4

      Article 67(e) of the CBB Law notes that where the application for business transfer has been turned down by the CBB or includes restrictions, the applicant may appeal to a competent court within 30 calendar days from the date of publication referred to in Paragraph GR-4.4.1.

      Added: October 2012

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