Islamic Financial Services Act 2013 · s 104

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s 104Maximum permissible holdings

(1)

Unless with the prior written approval of the Bank, no individual shall hold more than ten per cent of interest in shares of a licensed person.

(2)

The Bank may grant an approval under subsection (1) if the

Bank is satisfied that—

(a)

the aggregate holding of interest in shares of the licensed person by the individual would not result in him having the power to exercise control over the licensed person; and

(b)

such individual has given a written undertaking that he will not, either directly or indirectly through any person connected to him, exercise any control over the licensed person.

Islamic Financial Services 113

(3)

Section 270 shall apply to a written undertaking given under this section.