Islamic Financial Services Act 2013 · s 41

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s 41Designation of Islamic payment instruments

Where the Bank is of the opinion that—

(a)

an Islamic payment instrument may be of widespread use as a means of making payment and may affect the payment systems in Malaysia; and

(b)

it is necessary to maintain the integrity, efficiency and reliability of the Islamic payment instrument, the Bank may, with the concurrence of the Minister, by an order published in the Gazette, designate such Islamic payment instrument as a designated Islamic payment instrument.

Requirements for operation of payment systems and issuance of designated Islamic payment instruments