1) The following activities shall be considered financial activities subject to Central Bank licensing and supervision in accordance with the provisions of this Decretal Law:

1. a. Taking deposits of all types, including Shari’ah-compliant deposits.
2. b. Providing credit facilities of all types.
3. c. Providing funding facilities of all types, including Shari’ah-compliant funding facilities.
4. d. Providing currency exchange and money transfer services.
5. e. Providing monetary intermediating services.
6. f. Providing stored values services, electronic retail payments and digital money services.
7. g. Providing virtual banking services.
8. h. Arranging and/or marketing for Licensed Financial Activities.
9. i. Acting as a principal in financial products that affect the financial position of the Licensed Financial Institution, including but not limited to foreign exchange, financial derivatives, bonds and sukuk, equities, commodities, and any other financial products approved by the Central Bank.

2) The Board of Directors shall:

1. a. Classify and define Licensed Financial Activities and the practices relating thereto.
2. b. Add activities or practices to the list of Licensed Financial Activities mentioned in item (1) of this article, or delete activities or practices from the list, or amend them, following coordination and agreement with the Regulatory Authorities in the State, through the Financial Activities Committee referred to in Article (66) of this Decretal Law.

3) In case a Licensed Financial Institution wishes to carry on activities licensed by Regulatory Authorities in the State or the regulatory authorities in other jurisdictions, other than the activities referred to in item (1) of this article, such institution must obtain approval of the Central Bank, prior to obtaining licensing from the concerned regulatory authority.

1) A technical committee named the ‘Financial Activities Committee’ shall be established in the Ministry by a Cabinet resolution, chaired by the Ministry and include in its membership a representative of each of the Regulatory Authority in the State. The mentioned committee shall look into and provide opinion on any proposal to regulate a financial activity other than those mentioned in the laws of regulatory authorities. The resolution shall specify the committee’s terms of reference and the mechanism for discharge of its functions.

2) The approval of the concerned Regulatory Authority shall be obtained in case the financial activities committee suggest adding a specific financial activity not mentioned in its law to the list of activities under its licensing and regulation.