Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (2) Activities and Transactions of Financial Institutions and DNFBPs

IA-BOD-RES 10/2019

The following shall be considered as Financial Activities and Operations:

1- Receipt of deposits and other payable funds by the public, including Shariah-compliant deposits.

2- Provision of private banking services.

3- Provision of credit facilities of all types.

4- Provision of Financing facilities of all types, including Shariah-complaint Financing facilities.

5- Provision of monetary intermediary services.

6- Financial transactions in securities, financing and financial leasing.

7- Provision of exchange and money transfer services.

8- Issuance and management of means of payment, guarantees or obligations.

9- Provision of stored values services, retail e-payments and digital cash services.

10- Provision of virtual banking services.

11- Trading in, investment, operation or management of funds, options and future financial contracts, exchange rate and interest rate operations, and other financial derivatives or negotiable instruments.

12- Participation in issuing securities and providing of financial services related to these issues

13- Management of funds and portfolios of all kinds

14- Custody of Funds

15- Preparing or marketing financial activities.

16- Direct insurance operations, reinsurance operations for the type and branches of personal insurance, and money making operations in insurance companies, insurance brokers and agents.

17- Any other financial activity or transaction specified by the Supervisory Authority.

This article has been amended by Cabinet Resolution No. (24) of 2022. You are viewing the latest version. To view the previous version, click the version box below.
Version 1(effective from 10/02/2019 to 01/04/2022)

 

The following are considered financial activities and transactions:

  1. Receiving deposits and other funds that can be paid by the public, including deposits in accordance with Islamic Sharia
     
  2. Providing private banking services
     
  3. Providing credit facilities of all types
     
  4. Providing credit facilities of all types, including credit facilities in accordance with Islamic Sharia
     
  5. Providing cash brokerage services
     
  6. Financial transactions in securities, finance and financial leasing
     
  7. Providing currency exchange and money transfer services
     
  8. Issuing and managing means of payment, guarantees or obligations
     
  9. Providing stored value services, electronic payments for retail and digital cash.
     
  10. Providing virtual banking services
     
  11. Trading, investing, operating or managing funds, option contracts, future contracts, exchange rate and interest rate transactions, other derivatives or negotiable financial instruments
     
  12. Participating in issuing securities and providing financial services related to these issues
     
  13. Managing funds and portfolios of all kinds
     
  14. Saving funds
     
  15. Preparing or marketing financial activities
     
  16. Insurance transactions, in accordance with Federal Law No. (6) of 2007 concerning the Establishment of the Insurance Authority and the Organisation of its Operations
     
  17. Any other activity or financial transaction determined by the Supervisory Authority