IBANK 8.8.9 Recognition of funding facility from parent entity
(1) This rule applies to an Islamic banking business firm that is a branch, or is a subsidiary of an entity established that is outside the QFC.
(2) The Regulatory Authority may allow such a firm to recognise, as an asset, access to its parent entityÂfs funds by way of a committed funding facility, up to a limit specified in the facility documentation. The facility:
(a) must be an irrevocable commitment; and
(b) must be appropriately documented.
|Inserted by QFCRA RM/2018-2 (as from 1st May 2018).|