BANK 1.3.1 Introduction

(1) Banking business comprises the activities of deposit taking, providing credit facilities and dealing in investments as principal. An authorised firm that has an authorisation to conduct any of those activities is a banking business firm.
(2) However, an authorised firm that is an Islamic bank or Islamic investment dealer (within the respective meanings of the Islamic Banking Business Prudential Rules 2015) is not a banking business firm.

Note An authorised firm that is an Islamic bank or Islamic investment dealer is an Islamic banking business firm — see the Islamic Banking Business Prudential Rules 2015.
(3) A banking business firm may be a deposit-taker or an investment dealer.
Amended by QFCRA RM/2015-3 (as from 1st January 2016).