Regulatory Alerts2024-07-08
Added · Updated
BRPD Circular Letter No. 30: Providing online banking services to the customers of Islamic banking branches and windows at Conventional branches and sub-branches
This circular permits the customers of Islamic banking branches and windows to conduct online Islamic banking transactions at conventional branches and sub-branches, subject to specific operational conditions. Banks must establish Islamic banking help desks staffed by trained personnel, use separate Islamic core-banking software, and restrict transactions to online financial activities and deposits/withdrawals for approved Islamic customers. The document prohibits new account opening or investment programs at these desks and requires the use of general accounts held at Islamic branches for all Islamic transactions, with funds strictly separated from conventional banking operations.
Topics
islamic-finance
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