Islamic Financial Services Act 2013 · s 33

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33.
Cessation as member of Shariah committee
(1) A member of a Shariah committee shall cease to be a member if—
(a) such member resigns as a member;
(b) the institution, subject to the Bank’s prior written approval under subsection (2), terminates the appointment of such member;

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(c) such member is disqualified pursuant to any standards specified by the Bank under subparagraph 29(2)(a)(ii);
or
(d) such member no longer meets the fit and proper requirements as may be specified by the
Bank under subparagraph 29(2)(a)(ii) to the satisfaction of the Bank.
(2) A member of a Shariah committee who—
(a) resigns as a member; or
(b) becomes aware that he is disqualified pursuant to any standards specified by the Bank under subparagraph 29(2)(a)(ii)
and as such, pursuant to paragraph (1)(c), cease to be a member, shall notify the Bank of that fact and the reasons thereof immediately or in any case not later than fourteen days of such circumstance.
(3) An institution shall not terminate the appointment of a member of its Shariah committee unless the institution has obtained the prior written approval of the Bank to do so.
(4) Subject to section 273, the Bank may, by an order in writing, remove a member of a Shariah committee if the Bank is of the opinion that—
(a) any of the circumstances set out in paragraph (1)(c) or (d)
has occurred in relation to that member and such member remains to be a member of the Shariah committee; or
(b) such member has contravened any provision of this Act or failed to comply with any standards applicable to him.
(5) The removal of a member of a Shariah committee under subsection (4) shall be lawful and valid notwithstanding anything contained in a contract of service or any other agreement relating to his appointment and whether or not made or provided for under any written law, and a person so removed from office shall not be entitled to claim compensation for the loss of office.

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s 33Cessation as member of Shariah committee

(1)

A member of a Shariah committee shall cease to be a member if—

(a)

such member resigns as a member;

(b)

the institution, subject to the Bank’s prior written approval under subsection (2), terminates the appointment of such member;

Islamic Financial Services 71

(c)

such member is disqualified pursuant to any standards specified by the Bank under subparagraph 29(2)(a)(ii);

(d)

such member no longer meets the fit and proper requirements as may be specified by the

Bank under subparagraph 29(2)(a)(ii) to the satisfaction of the Bank.

(2)

A member of a Shariah committee who—

(a)

resigns as a member; or

(b)

becomes aware that he is disqualified pursuant to any standards specified by the Bank under subparagraph 29(2)(a)(ii)

and as such, pursuant to paragraph (1)(c), cease to be a member, shall notify the Bank of that fact and the reasons thereof immediately or in any case not later than fourteen days of such circumstance.

(3)

An institution shall not terminate the appointment of a member of its Shariah committee unless the institution has obtained the prior written approval of the Bank to do so.

(4)

Subject to section 273, the Bank may, by an order in writing, remove a member of a Shariah committee if the Bank is of the opinion that—

(a)

any of the circumstances set out in paragraph (1)(c) or (d)

has occurred in relation to that member and such member remains to be a member of the Shariah committee; or

(b)

such member has contravened any provision of this Act or failed to comply with any standards applicable to him.

(5)

The removal of a member of a Shariah committee under subsection (4) shall be lawful and valid notwithstanding anything contained in a contract of service or any other agreement relating to his appointment and whether or not made or provided for under any written law, and a person so removed from office shall not be entitled to claim compensation for the loss of office.