Section 7
of International Banking Order, 2000
Section 7
(1)
A licence shall be one of the following four types –
(a)
a full international license for the purpose of carrying on international banking business generally;
(b)
an international investment banking licence for the purpose of carrying on international investment banking business,
(c)
an international Islamic banking licence for the purpose of carrying on international Islamic banking business, granted in respect of international banking business in terms of subsections (1)(a), (1)(b) or
(1)
of this section.
Incorporating amendments until S 1/2016
(Cleancopy) NANI/Bb_as of 08.05.2019
NOTE: Amendment on P1S1 and P45S2 [24.04.2019]; P3S1, P1S2, P10S2, P11S2, P16S2-P18S2P28S2, P31S2, P34S2, P35S2, P39S2,
12
BLUV as at 14th January 2016
(d)
a restricted international banking licence for the purpose of carrying on international banking business subject to the restriction that the licensee may not offer, conduct or provide such business except to or for persons named or described in the undertaking accompanying the application for the licence, as mentioned in section 4(1)(e).
(2)
Subject to this Order, the grant of a licence under paragraphs (a), (b), (c) or (d)
of subsection (1) shall in each case be subject to the restriction that the licensee may not offer, conduct or provide international banking business except in respect of the services named or described in the undertaking accompanying the application for the licence, as mentioned in section 4(1)(e).
(3)
Every licensee shall pay such annual licence fee or fees as may be prescribed;
(4)
The manner of payment of a licence fee shall be as specified by the Authority.
(5)
Where a provision of this Order conflicts with Shari’ah law in relation to an
Islamic Banking Licence of whatever class, the principles of Shari’ah specified by the appropriate Shari’ah Council shall, subject to sound banking practice, prevail.
Conditions of licences.