Islamic Financial Services Act 2013 · s 149

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s 149Restriction on accepting Islamic deposits

(1)

No person shall accept Islamic deposits except under a licence granted under section 10 regardless of whether the transaction is described as a loan, a financing, an advance, an investment, a savings, a sale or a sale and repurchase or by whatever name called.

(2)

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.