Islamic Financial Services Act 2013 · s 14

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14.
Persons approved under Financial Services Act 2013 to carry on Islamic financial business
(1) Subsection 8(1) shall not prohibit or restrict—
(a) a licensed bank or licensed investment bank under the
Financial Services Act 2013 from carrying on Islamic banking business;
(b) an approved insurance broker under the Financial Services
Act 2013 from carrying on takaful broking business;
(c) an approved financial adviser under the Financial Services
Act 2013 from carrying on Islamic financial advisory business;
(d) an approved operator of a payment system under the
Financial Services Act 2013 from facilitating participants engaged in Islamic financial business to transfer, clear or settle funds or securities; or
(e) an approved issuer of a designated payment instrument under the Financial Services Act 2013 from issuing a designated Islamic payment instrument:

Provided that such licensed bank, licensed investment bank, approved insurance broker, approved financial adviser, approved operator of a payment system or approved issuer of a designated payment instrument has obtained the prior written approval of the Bank under subsection 15(1) of the Financial Services
Act 2013.
(2) A person referred to in subsection (1) shall be subject to and comply with—
(a) the provisions of this Act, in particular the provisions of
Parts IV, VI, I X, X and XIII, in so far as those provisions relate to the business such person is approved to carry on under subsection 15(1) of the Financial Services Act 2013, as if a reference in this Act to—
(i) an “authorized person” is a reference to any person referred to in paragraphs (1)(a) to (e);
(ii) a “licensed person” is a reference to a person referred to in paragraph (1)(a); or
(iii) an “approved person” is a reference to a person referred to in paragraph (1)(b) to (e); and
(b) any standards, notices, directions, conditions, specifications or requirements specified or made under this Act relating to the business such person is approved to carry on under subsection 15(1) of the Financial
Services Act 2013.
(3) The Minister may, on the recommendation of the Bank, by an order published in the Gazette, provide that all or any provision of this Act—
(a) shall not apply to a person referred to in subsection (1);
or
(b) shall apply to a person referred to in subsection (1), with such modifications consistent with the regulatory objectives of this Act,

Islamic Financial Services                              57
as may be set out in the order.
(4) Any person who contravenes any provision of this Act or of any standards, notices, directions, conditions, specifications or requirements specified or made by the Bank under this Act and applied to it under subsection (2) commits an offence and shall be liable to the same penalty applicable to a person convicted of an offence under such provisions and if no offence is provided for such contravention, the person commits a breach and the Bank may take an action under paragraph 245(3)(b) in addition to other enforcement actions that the Bank is empowered to take under this Act.

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s 14Persons approved under Financial Services Act 2013 to carry on Islamic financial business

(1)

Subsection 8(1) shall not prohibit or restrict—

(a)

a licensed bank or licensed investment bank under the

Financial Services Act 2013 from carrying on Islamic banking business;

(b)

an approved insurance broker under the Financial Services

Act 2013 from carrying on takaful broking business;

(c)

an approved financial adviser under the Financial Services

Act 2013 from carrying on Islamic financial advisory business;

(d)

an approved operator of a payment system under the

Financial Services Act 2013 from facilitating participants engaged in Islamic financial business to transfer, clear or settle funds or securities; or

(e)

an approved issuer of a designated payment instrument under the Financial Services Act 2013 from issuing a designated Islamic payment instrument:

Act 2013.

(2)

A person referred to in subsection (1) shall be subject to and comply with—

(a)

the provisions of this Act, in particular the provisions of

Parts IV, VI, I X, X and XIII, in so far as those provisions relate to the business such person is approved to carry on under subsection 15(1) of the Financial Services Act 2013, as if a reference in this Act to—

(i)

an “authorized person” is a reference to any person referred to in paragraphs (1)(a) to (e);

(ii)

a “licensed person” is a reference to a person referred to in paragraph (1)(a); or

(iii)

an “approved person” is a reference to a person referred to in paragraph (1)(b) to (e); and

(b)

any standards, notices, directions, conditions, specifications or requirements specified or made under this Act relating to the business such person is approved to carry on under subsection 15(1) of the Financial

Services Act 2013.

(3)

The Minister may, on the recommendation of the Bank, by an order published in the Gazette, provide that all or any provision of this Act—

(a)

shall not apply to a person referred to in subsection (1);

(b)

shall apply to a person referred to in subsection (1), with such modifications consistent with the regulatory objectives of this Act,

Islamic Financial Services 57

as may be set out in the order.

(4)

Any person who contravenes any provision of this Act or of any standards, notices, directions, conditions, specifications or requirements specified or made by the Bank under this Act and applied to it under subsection (2) commits an offence and shall be liable to the same penalty applicable to a person convicted of an offence under such provisions and if no offence is provided for such contravention, the person commits a breach and the Bank may take an action under paragraph 245(3)(b) in addition to other enforcement actions that the Bank is empowered to take under this Act.