Section 5
Section 5
No company shall be granted a licence under section 3 nor shall any company licensed thereunder carry on business in Malaysia without the written consent of the Minister if its capital funds unimpaired by losses or otherwise is less than the minimum amount.
(2)
For the purposes of this section—
"capital funds" means paid-up capital and reserves and any other sources of capital as may be defined and computed in such manner as may be prescribed by notice in writing from time to time by the Central Bank;
ociation of e establish-advise the ng business ction shall be aysia Deposit a term not d imprison-recommen-any existing or additional action under ing to take d and shall within such as may be the condition ed or condi e imposed.
iditions, the iditions.
ply with any offence and not exceeding icence under 1 thereunder the written s unimpaired num amount.
and reserves defined and prescribed by Central Bank;
"minimum amount" means such amount of capital funds to be maintained by an Islamic bank as may be prescribed by the Minister on the recommendation of the Central Bank by notification in the Gazette.
(3)
The prescription of the minimum amount to be maintained under subsection (2) shall be complied with within such uniform period of grace being not less than three months as may be specified in the notification.