Islamic Development Bank Act 1975

This Act may be cited as the Islamic Development Bank Act 1975.

In this Act, unless the context otherwise requires—

“agreement” means the international agreement for the establishment and operation of the Islamic Development Bank signed in Jeddah, Saudi Arabia on 12 August 1974;

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“Article” means Article of the agreement;

“Bank” means the Islamic Development Bank established by the agreement;

“Minister” means the Minister for the time being charged with the responsibility for finance.

If the agreement is ratified by and on behalf of the Government of Malaysia and the agreement comes into force pursuant to Article 68 thereof, the provisions of this Act shall have effect.

The Minister is hereby authorized to subscribe on behalf of the

Government—

to shares of the authorized capital stock of the Bank in accordance with paragraph 1 of Article 5 in such amount as will not exceed the equivalent of twenty million United

where the authorized capital stock of the Bank is increased at the request of the Board of Governors of the Bank in accordance with paragraph 4 of Article 5, to a proportion of the increase of stock as provided in that paragraph; and

where the shares of the Government have been increased at the request of the Government under paragraph 5 of

There shall be charged on the Federal Consolidated Fund—

All the sums charged on the Federal Consolidated Fund under this section may be paid in Islamic Dinar, Malaysian currency,

For the purpose of providing any sums charged on the Federal

Consolidated Fund under section 5, the Minister may create and issue to the Bank in such form as he thinks fit any such non-interest bearing and non-negotiable notes or other obligations as the Bank may under Article 24 determine to accept in place of the whole or any part of sums which would, but for such acceptance by the Bank, be payable in Malaysian currency.

All sums received by or on behalf Malaysia from the Bank shall be paid into the Federal Consolidated Fund.

The Yang di-Pertuan Agong may by order make such provision as he may consider reasonably necessary for carrying into effect any of the provisions of the agreement relating to the status, immunities and privileges of the Bank and its respective governors, executive directors, alternates, officers and employees.

Without prejudice to the generality of the provisions of subsection (1), any order made under that subsection may declare that any specified provisions of the agreement shall have the force of law in Malaysia.

Any order made under this section may be varied or revoked by a subsequent order.

Nothing in this section shall be construed as limiting the power of the Yang di-Pertuan Agong under section 4 of the Diplomatic and Consular Privileges Ordinance 1957 [Ord. 53 of 57]*, to declare the Bank to be such an organization as is mentioned in