Section 47

two hundred and fifty thousand ringgit; or

an amount based on a rate to be prescribed by the Minister on the recommendation of the Corporation and calculated in accordance with section 47A, whichever is higher.

Except as provided under subsection (3), where the business of one or more transferring parties is transferred under a business transfer scheme to a new deposit-taking member, the Corporation shall assess and collect the first premium payable by the new deposit-taking member as follows:

Where the business of one or more deposit-taking members only is transferred under a business transfer scheme to a new deposit-taking member—

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For the avoidance of doubt, where the transferring parties are deposit-taking members which have been approved under paragraph 15(1)(a) of the Financial Services Act 2013 to carry on

Islamic banking business and their Islamic banking business is transferred under a business transfer scheme to a new deposit-taking member before the annual due date referred to in subsection 48(1) in an assessment year, no annual premium shall be required to be paid by the deposit-taking members for that assessment year in respect of the

Islamic banking business.

For the avoidance of doubt, different rates may be prescribed under subsections (1) and (2) for categories in which new deposit-taking members are classified under premium regulations and different rates may apply to different categories of new deposit-taking members.

A new deposit-taking member shall pay the first premium to the

Corporation within thirty days from the date it becomes a member or such other period as may be specified by the Corporation.

Calculation of first premium in respect of new deposit-taking members