Islamic Financial Services Act 2013 · s 48

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s 48Power of Bank to issue certificate of finality

The Bank may, with the concurrence of the Minister, by an order published in the Gazette, issue a certificate of finality to a designated payment system where the following criteria are met:

(a)

the payment system poses or is likely to pose a systemic risk;

(b)

the settlement of transfer order is effected within the designated payment system itself; and

(c)

the operator of the payment system has complied with the requirements as may be specified by the Bank.