1. The Central Bank may suspend, withdraw, or revoke a license issued to a Licensed Financial Institution, in any of the following cases: a. If the Licensed Financial Institution ceased to meet, or breached one or more of the conditions or restrictions imposed on the license. b. If the Licensed Financial Institution breached any of the State’s established laws and regulations, rules, standards, instructions, or guidelines issued by the Central Bank, including resolutions, fatwas, and guidelines set by the Higher Shari`ah Authority. c. If the Licensed Financial Institution failed to take any measures or actions determined or prescribed by the Central Bank. d. If the Licensed Financial Institution ceased to carry on one or more of the Licensed Financial Activities, for a period exceeding one (1) year. e. If it is unable to fulfill its financial obligations. f. If it refrains from implementing a final court judgement related to a Licensed Financial Activity. g. If the business or operations were ceased for a period exceeding one (1) year. h. If the Central Bank considered, at its own discretion, that the full or partial withdrawal, revocation, or suspension of the license, is necessary for achieving its objectives and discharging its functions. i. If the concerned Licensed Financial Institution submitted an application for full or partial suspension or withdrawal of the license. j. If the Licensed Financial Institution’s liquidity or solvency was at risk. k. If the capital of the Licensed Financial Institution fell below the minimum required in accordance with the provisions of this decree-law, or the regulations, rules, or standards issued by the Central Bank or other applicable regulations. l. If the Licensed Financial Institution merged with another financial institution. m. If the Licensed Financial Institution was declared bankrupt. n. If the Licensed Financial Institution’s officers, employees, or representatives refused to cooperate with Central Bank officers, representatives, or examiners or abstained from providing required information, statements, documents, or records. o. If the license of a foreign Licensed Financial Institution was revoked, or if it was put under liquidation at its domicile, or if the business of its branch, subsidiaries or representative offices in the State were wound down. 2. Should a Licensed Financial Institution decide to apply for withdrawal of a given license, such application shall be submitted in accordance with the guidelines set by the Central Bank. 3. The Licensed Financial Institution shall be notified, officially, of the reasoned withdrawal, revocation or suspension decision within a period not exceeding twenty (20) working days from date of its issue. The notice shall include the following: a. Content of the decision. b. Reasons for the decision. c. Effective date of the decision. d. A statement advising the Licensed Financial Institution of its right to submit a grievance against the decision, by applying to the Grievances and Appeals Committee, in accordance with the provisions of this decree-law. 4. The decision issued by the Central Bank shall be published in two local newspapers, one in Arabic and another in English, and on the Central Bank’s official website, following decision on the grievance, if presented to the Grievances and Appeals Committee, or expiry of the period specified in item (2) of this article. Such decision may also be announced by any other means if necessary.
Interpretation and application must be checked against the official text and current version.