3-1 The Central Bank may agree or decline to issue a Hawala Provider Certificate.

3-2 In case of approval or rejection of the application for a Hawala Provider Certificate, the Central Bank shall notify the applicant in writing indicating reasons in case of rejection.

3-3 The Central Bank shall issue a Hawala Provider Certificate valid for one year, renewable for similar periods. The Central Bank may include in the Hawala Provider Certificate whatever terms and conditions it deems appropriate.