1. The following activities shall be considered financial activities subject to the Central Bank licensing in accordance with the provisions of this decree-law: a. Taking deposits of all types, including Shari`ah-compliant deposits. b. Providing credit facilities of all types. c. Providing funding facilities of all types, including Shari`ah-complaint funding facilities. d. Providing open finance services. e. Providing currency exchange and money transfer services, including instant money transfer services. f. Providing payment services using Virtual Assets. g. Providing stored values services, retail payments and digital money services. h. Arranging, promoting, marketing for Licensed Financial Activities. i. Acting as a principal in financial products that affect the financial position of the Licensed Financial Institution, including but not limited to foreign exchange, financial derivatives, bonds and sukuk, equities, commodities, and any other financial products approved by the Central Bank. j. Providing insurance, reinsurance, and Insurance-Related Professions business and services, including Takaful and Re-Takaful insurance business and services. 2. The Board of Directors may: a. Classify and define Licensed Financial Activities and the practices relating thereto. b. Add, delete, or amend activities or practices to the list of Licensed Financial Activities referred to in item (1) of this article following consultation with the ‘Financial Stability Board’ in the State. 3. In case a Licensed Financial Institution wishes to carry on activities licensed by regulatory authorities within or outside the State or in a Financial Free Zone, other than the activities referred to in item (1) of this article, such institution shall obtain approval of the Central Bank, prior to obtaining licensing from the concerned regulatory authority.
Interpretation and application must be checked against the official text and current version.