Islamic Financial Services Act 2013 · s 187

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s 187Interpretation

For the purposes of this Subdivision—

“residual institution” means a licensed person whose business, assets or liabilities have been vested in the transferee in accordance with section 188;

“transacted price” means the price at which the whole or part of the business, assets or liabilities of a licensed person referred to in section 188 is vested in the transferee;

“transferee” means a bridge institution or any other person, as the case may be, in which is vested under this Subdivision the whole or part of the business, assets or liabilities of the licensed person referred to in section 188;

“transferor” means the licensed person under this Subdivision referred to in section 188;

“transferred business” means the whole or part of the business, assets or liabilities of the licensed person that has been vested in the transferee.

Islamic Financial Services 175