Islamic Financial Services Act 2013 · s 123

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s 123Power of Bank to require submission of application

Where the Bank considers it is necessary for the purpose of maintaining effective regulation and supervision of a licensed person, the Bank may require—

(a)

any other company within the corporate group of the applicant, if the Bank is of the opinion that neither the applicant nor the other company proposed by the applicant under section 122 should be approved as a financial holding company; or

(b)

a company which has an aggregate interest in shares of fifty per cent or less in the licensed person but has control over the licensed person, to submit to the Bank an application to be approved as a financial holding company.

Approval of application as financial holding company under section 122 or 123