Section 1
(2)
This Act comes into operation on a date the Agreement comes into operation for the Government of Malaysia pursuant to Article 53 of the Agreement.
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Act 669
Interpretation
/akn/my/act/act/2007/669
INTERNATIONAL ISLAMIC TRADE FINANCE CORPORATION ACT 2007
The full official text, structured for quick navigation. Copy any provision or jump straight to a section.
- Type
- Act
- Status
- In force
- Enacted
- 2007
- Sections
- 6
- Languages
- MS · EN
Quick answer
About this act
INTERNATIONAL ISLAMIC TRADE FINANCE CORPORATION ACT 2007 is Malaysia Act, cited as Act 669 2007, currently marked in force and first recorded in 2007.
Opening note
Preamble
- An Act to give effect to an international agreement for the establishment and operation of the International Islamic Trade Finance Corporation and to enable the Government of Malaysia to be a member thereof and to make provisions for matters connected therewith. [See subsection 1(2) of this Act]
Opening note
Preamble
- Whereas at the 31st Islamic Development Bank’s Board of Governors Meeting which met at Kuwait City, Kuwait in May 2006, an agreement establishing the International Islamic Trade Finance Corporation was signed; And Whereas the Government of Malaysia participated in the said Meeting and signed, at the conclusion of the Meeting, the said Agreement and on 6 February 2007 ratified the said Agreement and thereby becoming a member of the said Corporation. ENACTED by the Parliament of Malaysia as follows: Short title and commencement
Section 2
In this Act, unless the context otherwise requires—
“Member” means a country or an institution, which is a member of the Corporation;
“Government” means the Government of Malaysia;
“Chief Executive Officer” means the Chief Executive Officer of the Corporation;
“Board of Directors” means the Board of Directors of the
Corporation;
“Minister” means the Minister charged with the responsibility for finance;
“Corporation” means the International Islamic Trade Finance
Corporation established by the Agreement;
“General Assembly” means the General Assembly of the
Corporation;
“Agreement” means the international agreement for the establishment and operation of the International Islamic Trade
Finance Corporation signed in Kuwait City, Kuwait on 30 May 2006.
Section 3
Juridical personality of the Corporation
(2)
Without prejudice to the generality of subsection (1), the
Corporation shall have the capacity to—
(b)
acquire, hold and dispose of movable and immovable property; and
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International Islamic Trade Finance
Corporation Act 2007
(c)
institute legal proceedings in its name and defend any action brought against the Corporation in a court of competent jurisdiction.
Power to subscribe to shares of the capital stock of the
Corporation
Section 4
The Minister is authorized to subscribe on behalf of the
(a)
to shares of the authorized capital stock of the Corporation in accordance with paragraph (1) of Article 10 of the
Agreement in such amount which shall not exceed the equivalent value of thirty million United States dollars;
(b)
where the authorized capital stock of the Corporation is increased at the request of the General Assembly in accordance with paragraph (3) of Article 10 of the
Agreement, to a proportion of the increase of stock as provided in that paragraph; and
(c)
where the shares of the Government have been increased at the request of the Government under paragraph (6)
of Article 11 of the Agreement, to the amount of such increase.
Sums payable to the Corporation to be charged on the
Consolidated Fund
Section 5
Government—
(a)
all sums payable to the Corporation by way of subscription to its capital stock under and in accordance with the method of payment thereof as provided in Article 12
of the Agreement;
(b)
all sums payable to the Corporation by way of increased subscription by the Government to the Corporation’s capital stock in accordance with paragraph (6) of Article 11
of the Agreement;
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Act 669
(c)
any sum which the Government wishes to make as deposit with the Corporation under subparagraph (2)(b) of
Article 8 of the Agreement; and
(d)
all sums payable to the Corporation under any other provision of the Agreement.
(2)
All the sums charged on the Consolidated Fund of the
Government under this section shall be paid in United States dollars.
Receipt
Section 6
Government—
All sums received by or on behalf of the Government from the Corporation shall be paid into the Consolidated Fund of the
Government.
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International Islamic Trade Finance
Corporation Act 2007
Act 669
LIST OF AMENDMENTS
Amending law
Short title
In force from-NIL-
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Act 669
Act 669
LIST OF SECTIONS AMENDED
Section
Amending authority
In force from-NIL-
Common questions
- What is AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007?
- INTERNATIONAL ISLAMIC TRADE FINANCE CORPORATION ACT 2007 is Malaysia Act, cited as Act 669 2007, currently marked in force and first recorded in 2007.
- Is AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 still in force?
- Yes — AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 is currently in force.
- When did AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 take effect?
- AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 was first recorded in 2007.
- How many sections does AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 have?
- AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 contains 6 sections.
- Where can I read the official version of AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007?
- The official text of AKTA PERBADANAN KEWANGAN PERDAGANGAN ISLAM ANTARABANGSA 2007 is published at lom.agc.gov.my.