Section 11
Section 11
Subject to subsection (2), if any Islamic bank—
(a)
is pursuing aims, or carrying on operations, involving any element which is not approved by the Religion of Islam;
(b)
is carrying on its business in a manner detrimental to the interests of its depositors and other creditors;
(c)
has insufficient assets to cover its liabilities to the public;
(d)
is contravening any provision of this Act; or
(e)
has ceased to carry on banking business in Malaysia.
(1)
may.
the Minister may, on the recommendation of the Central Bank, revoke any licence issued to such bank.
(2)
The Minister shall, prior to any such revocation, notify his intention to take such action to the Islamic bank concerned and shall give the bank an opportunity to submit within such period, being not less than twenty-one days, as may be specified in the notification reasons why the licence should not be revoked.
(3)
Where the licence of an Islamic bank has been revoked under subsection (1), the bank may within thirty days of the revocation appeal against the revocation to the High Court, which may make such order thereon as it thinks proper, including any direction as to the costs of the appeal.
(4)
The Central Bank shall be entitled to be heard on any such appeal.
(5)
The making of an appeal under this section shall in no way affect the exercise of the powers and duties of the Central Bank under sections 37, 39 and 40.
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