ARTICLE 2: LICENSING

C 13/2021 Effective from 14/2/2021

2.1 Any Person intending to operate a Specialized Bank must first obtain a license from the Central Bank.
2.2 Licenses and license applications will be subject to the Central Bank Law’s related provisions and follow the process as determined by the Central Bank.
2.3 The license shall contain the terms and conditions deemed appropriate by the Central Bank.
2.4 The license shall be granted for an initial period of three years and shall be renewable for same periods unless otherwise required by the Central Bank. A Specialized Bank must apply to the Central Bank for License renewal no later than two months before the expiry date of the existing License.
2.5 The licensee must commence licensed activities, specified in its license according to Article 3 of this Regulation, within a maximum of 6 months from the date of notification of approval of the license.
2.6 A Specialized Bank wishing to cease or suspend any of its licensed activities must apply to the Central Bank at least six months in advance providing the reasons for such a cessation or suspension.
2.7 Any changes to the Specialized Bank’s name, legal form, memorandum and articles of association, or to the activities conducted in addition to those specified in article 3, require prior approval by the Central Bank.
2.8 The commercial name of a Specialized Bank may include the term “specialized bank”, but not the term “bank” alone.
2.9The applicants may apply for either a conventional Specialized Bank license or an Islamic Specialized Bank license. Islamic windows in conventional Specialized Banks are prohibited.