Islamic Financial Services Act 2013 · s 43

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s 43Power of Bank to specify standards for payment systems

(1)

The Bank may specify standards for payment systems—

(a)

for promoting safety, integrity, efficiency or reliability of the designated payment system, the payment system set out in Part 1 of Schedule 1 or the designated Islamic payment instrument including facilitating interoperability, technical specifications and security standards; or

(b)

in the interest of current or prospective participants of the designated payment system or the payment system set out in Part 1 of Schedule 1 or users.

(2)

An operator of a designated payment system, approved operator of a payment system or approved issuer of a designated

Islamic payment instrument shall at all times comply with the standards specified by the Bank under subsection (1) which are applicable to such operator or issuer.