Regulatory Alerts2023-03-19
Draft Resolution Amending Resolution No. (34) of 2010 with respect to issuing the Deposit Protection Scheme Regulation
This draft resolution, issued by the regulatory authority, amends Resolution No. (34) of 2010 to mandate that conventional and Islamic banks collectively contribute determined amounts into their respective funds according to a Council-approved mechanism. It requires the Council to conduct annual evaluations of both fund sizes relative to covered obligations and submit recommendations for adjustments, while prohibiting any fund amount amendments without explicit Bank approval. Additionally, it introduces a new clause to Article (15) governing the transfer of contribution funds between funds when a bank's license converts from conventional to Islamic or vice versa, following Council-determined rules.
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