Section 5
of International Islamic Liquidity Management Corporation Act 2011
Section 5
The Bank is authorized to become a member of the
Corporation and to sign the Articles of Agreement and exercise the rights or perform the duties or functions in respect of its membership subject to the provisions of the Central Bank of Malaysia Act 2009.
(2)
Pursuant to subsection (1), the Bank may—
(a)
cooperate in any arrangement, scheme, programme or initiative with the Corporation and use its best endeavours towards achieving its common objectives with the
Corporation for the furtherance of Islamic finance; and
(b)
accept any payment made to it by the Corporation.
(3)
The Bank may, for the purpose of Malaysia being the host country of the Corporation—
(a)
grant, donate, lend or advance any sum of money to the
Corporation in accordance with the principles of Shariah for the establishment and continued existence of the
Corporation, subject to the prior written approval of the
Minister charged with the responsibility for finance; or
(b)
allow the Corporation to occupy and use, whether by lease or otherwise, the immoveable property of the Bank or procure the lease of any other property for the purpose of the Corporation, its officers including the chief executive officer or any member of a committee of the Corporation.
Power of the Minister to confer the status of international organization and juridical personality upon a subsidiary