Islamic Financial Services Act 2013 · s 8

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s 8Authorized business to be carried on by authorized person

(1)

Subject to section 14, no person shall carry on any authorized business unless it is—

(a)

licensed by the Minister, on the recommendation of the

Bank, under section 10 to carry on Islamic banking

business, takaful business, international Islamic banking business or international takaful business; or

(b)

approved by the Bank under section 11 to carry on any of the businesses set out in Part 1 of Schedule 1.

(2)

Paragraph (1)(b) shall not apply, in respect of Islamic financial advisory business, to persons set out in Part 2 of Schedule 1.

(3)

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.