All banks and other financial institutions are required to make provisions (specific and general) required for this regulation and deduct them from the profit and loss account at the end of each quarter and not delay them till the end of the financial year.

Banking Supervision and Examination Department should issue a manual to clarify how banks and other financial institutions should comply with terms of these regulations including submission of reports to the Central Bank.

Banking Supervision and Examination Department should also issue another manual for its examiners to explain the regulatory procedures relevant to these regulations.

As such, Circular No. 313 dated 20/12/1984 is hereby cancelled with effect from the date of issuance of these regulations.

This regulation shall be communicated to the concerned parties for implementation thereof, and shall come into effect from date of its issue.

This regulation shall be published in the official gazette in both Arabic and English.

Yours faithfully,