Islamic Financial Services Act 2013 · s 10

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10.
Grant of licence by Minister
(1) In assessing an application duly made under section 9 to carry on any licensed business, the Bank shall have regard to all the factors set out in Part 1 and Part 2 of Schedule 5 and such other matters that the Bank considers relevant.
(2) Upon making an assessment under subsection (1) and where the
Bank is satisfied that such applicant may be granted a licence, the Bank shall make a recommendation to the Minister to grant a licence under subsection (4) with or without conditions.
(3) The Bank shall notify the applicant in writing if the Bank does not make a recommendation to the
Minister under subsection (2).
(4) Where the Bank makes a recommendation pursuant to subsection (2), the Minister may grant a licence to the applicant to

Islamic Financial Services                              53
carry on Islamic banking business, takaful business, international
Islamic banking business or international takaful business, with or without conditions.
(5) The Bank shall notify the applicant in writing of the decision of the Minister under subsection (4).
(6) Where the Minister grants a licence under subsection (4), a licensed person shall commence its licensed business within a period or such further period as may be specified by the Minister, on the recommendation of the Bank.

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s 10Grant of licence by Minister

(1)

In assessing an application duly made under section 9 to carry on any licensed business, the Bank shall have regard to all the factors set out in Part 1 and Part 2 of Schedule 5 and such other matters that the Bank considers relevant.

(2)

Upon making an assessment under subsection (1) and where the

Bank is satisfied that such applicant may be granted a licence, the Bank shall make a recommendation to the Minister to grant a licence under subsection (4) with or without conditions.

(3)

The Bank shall notify the applicant in writing if the Bank does not make a recommendation to the

Minister under subsection (2).

(4)

Where the Bank makes a recommendation pursuant to subsection (2), the Minister may grant a licence to the applicant to

Islamic Financial Services 53

carry on Islamic banking business, takaful business, international

Islamic banking business or international takaful business, with or without conditions.

(5)

The Bank shall notify the applicant in writing of the decision of the Minister under subsection (4).

(6)

Where the Minister grants a licence under subsection (4), a licensed person shall commence its licensed business within a period or such further period as may be specified by the Minister, on the recommendation of the Bank.