15.4. Disclosure frequency, locations and omissions
(1) The disclosures set out in this Chapter must be made by the Islamic Bank at least once a year, other than disclosures of CET1 Capital, T1 Capital and T2 Capital, deductions from capital resources, Liquidity Coverage Ratio and Leverage Ratios which must be made on a quarterly basis.
(2) Reporting deadlines must be in accordance with quarterly and annual reporting obligations under Chapter 3. The required disclosures must be published concurrently with the periodic financial statements of the Islamic Bank.
(3) In cases where an Islamic Bank does not publish an financial report or statements in the period for which it is required to fulfil a disclosure requirement set out in this rules, the disclosure must then be published as soon as practicable. However, the time lag must not exceed more than 3 months from the end of the reporting period for the specific regulatory requirement.
(4) An Islamic Bank must, subject to (2), make these disclosures either in its annual report or periodic financial statements.
(5) An Islamic Bank may disclose the items marked as quantitative in Appendix 4 of the IBB Module in a medium or location other than its annual report or periodic financial statements, provided that:
(a) it has prior approval of the AFSA to do so;
(b) the annual report or periodic financial statements contain clear references to the location of such disclosures; and
(c) such disclosures are readily accessible by the market.
(6) An Islamic Bank may omit certain disclosures if the omitted item is:
(a) not material, in accordance with the concept of materiality under the International Financial Reporting Standards;
(b) proprietary in nature, and the disclosure of the relevant information to the public would undermine the Islamic Bank’s competitive position or render the Islamic Bank’s investments in products and systems less valuable; or
(c) confidential in nature, and the disclosure of the relevant information would violate or jeopardise confidentiality agreements with Clients or counterparties.
(7) Where in reliance upon (5)(b) or (c) above, an Islamic Bank omits an item that is marked as a quantitative disclosure in Appendix 4 of the IBB Module, it must disclose general qualitative information about the subject matter of that particular requirement, together with the reasons for the omission.