Islamic Financial Services Act 2013 · s 26

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s 26Acting on behalf of unlicensed person

(1)

No person shall act on behalf of a foreign institution or any person who is not licensed under this Act in relation to carrying on Islamic banking business, takaful business, international Islamic banking business, or international takaful business or accepting

Islamic deposits in Malaysia unless approved in writing by the

Bank.

(2)

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.

Islamic Financial Services 67