Banking License

BL-1 - License Requirements and Controls

BL-1.1 - Granting or Rejecting of License Application

A-The Governor shall issue his decision to grant the license, within sixty (60) days from the date that the application fulfills all the conditions provided for in this law, and the regulations and decisions issued in implementation, according to the public interest requirements and the national economy need, as per Article No. (82) of the Law of the QCB .​

B-The Governor shall issue a grounded decision rejecting the license application, in the event it does not fulfill the conditions provided for, as per Article No. (83) of the Law of the QCB . The applicant shall be notified of the issued decision regarding the application's rejection and the reasons, by delivering notification to the applicant's residence, or office, or by any means which ensures the knowledge of the decision. The applicant may raise a grievance against the decision before the “Dispute Resolution Committee” established under Article No. (190) of the Law of the QCB, within fifteen (15) days from the date of receiving the notification.​