Malaysia legislation
Section 36
Section 36
(a)
which is deemed to be a member institution under section 37 of the repealed Act, shall continue to remain as a member institution under this Act; or
(b)
licensed under the Banking and Financial Institutions
Act 1989 [Act 372], the Islamic Banking Act 1983
[Act 276], the Financial Services Act 2013 or the Islamic
Financial Services Act 2013 after the commencement of this Act, shall be deemed to be a member institution from the date it is granted the licence.
(2)
A takaful operator or insurance company is deemed to be a member institution—
(a)
from the commencement of this Act; or
(b)
if it comes into existence after the commencement of this Act, from the date it is registered under the
Takaful Act 1984 [Act 312], or licensed under the
Insurance Act 1996 [Act 553], the Islamic Financial
Services Act 2013 or the Financial Services Act 2013.
(3)
Any person that is prescribed to be a member institution by an order referred to in subsection 27(1) is deemed to be a member institution from the effective date of the order.
(4)
Notwithstanding subsection 120(1), this section does not apply to a bridge institution.
Terms and conditions of membership