Regulatory Alerts2015-08-17
Volume 2 Module BC (Business and Market Conduct)
The Central Bank of Bahrain (CBB) issues updated requirements for Module BC, mandating that Islamic bank licensees align their customer and stakeholder conduct with IFSB Guiding Principles. The revisions clarify key terminology, replace "loan" and "lottery" with "financing" and "raffle", and enforce strict due diligence, full commission disclosure, and standardized client charters. Furthermore, the CBB adjusts rules governing debt restructuring, cooling-off periods, and foreign subsidiary compliance to ensure fair client treatment while maintaining cross-module regulatory consistency.
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