Islamic Financial Services Act 2013 · s 15

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s 15Authorized person to carry on authorized business only

(1)

Unless the Bank otherwise specifies, an authorized person shall not carry on any business or activity in or outside Malaysia except in connection with or for the purposes of its authorized business.

(2)

Notwithstanding subsection (1), an approved operator of a payment system or approved issuer of a designated Islamic payment instrument which is not a licensed person may carry on any business or activity which is not in connection with or for the purposes of its approved business.

(3)

Except with the prior written approval of the Bank, a licensed takaful operator shall not carry on annuity certain business, financial guarantee takaful business or credit guarantee takaful business.

(4)

Any authorized person who contravenes subsection (1) or (3)

commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.