Banking & Specialized Markets
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Banking and Specialized Market Supervision​​​​

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Last modified: 23/10/2014 12:56 PM |

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by: i:0#.w|egc\sp_admin

Overview

This division consist primarily of licensing, supervision and regulation of banks and finance companies (both Islamic and conventional), offshore banks, money changers and money remittance companies and pawnbrokers.

In fulfilling its mandate, the division administers and enforces the following legislation:-

    • ​​Banking Order, 2006
    • Islamic Banking Order, 2008
    • International Banking Order, 2000
    • Finance Companies Act, Chapter 89
    • Hire Purchase Order, 2006
    • Pawnbrokers Order, 2002
    • Money-Changing and Remittance Businesses Act, Chapter 174

In discharging its responsibilities in the above regard, it strives to benchmark itself to the relevant international standards such as the Basel Core Principles set by the Basel Committee on Banking Supervision and those of the Islamic Financial Services Board (IFSB).