IBANK 2.1.8 Firm to Notify Authority

(1) An Islamic banking business firm must notify the Regulatory Authority if it becomes aware, or has reasonable grounds to believe, that the firm has breached, or is about to breach, a prudential requirement.
(2) In particular, the firm must notify the authority as soon as practicable of:
(a) any breach (or foreseen breach) of its minimum capital requirement;
(b) any concern (including because of projected losses) it has about its capital adequacy;
(c) any indication of significant adverse change in the market pricing of, or trading in, the capital instruments of the firm or its financial group (including pressure on the firm to purchase its own equity or debt);
(d) any other significant adverse change in its capital; and
(e) any significant departure from its ICAAP.

Note For an Islamic banking business firm's ICAAP, see rule 3.1.5.
(3) The firm must also notify the authority of any measures taken or planned to deal with any breach, prospective breach or concern.
Derived from QFCRA RM/2015-2 (as from 1st January 2016).