Islamic Financial Services Act 2013 · s 100

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s 100Control over licensed person prohibited in some cases

(1)

Subject to subsection (2), no person shall have control over a licensed person, unless such person obtains the prior written approval of the Minister, on the recommendation of the Bank.

(2)

Subsection (1) shall not apply to—

(a)

any director or chief executive officer of a licensed person in respect of the carrying out of his duties and functions in the management of the licensed person; and

110

(b)

a person who has obtained an approval of the Minister under subsection 102(6) to hold more than fifty per cent of the interest in shares of the licensed person.