Islamic Financial Services Act 2013 · s 124

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124. (1) An application to be a financial holding company under section 122 or 123, as the case may be, shall be submitted to the Bank together with such documents or information as may be specified by the Bank.
(2) In assessing an application under section 122 or 123 for an applicant company to be approved as a financial holding company submitted under subsection (1), the Bank shall have regard to all matters that the Bank considers relevant including the factors set out in Schedule 6 and any standards specified by the Bank under subsection 103(1).
(3) Where the Bank is satisfied that such matters referred to in subsection (2) have been fulfilled by the applicant, the Bank may

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approve an application made pursuant to section 122 or 123, as the case may be, with or without conditions, or reject such application.
(4) The Bank may, at any time, in writing amend or revoke any existing condition of approval of a financial holding company under subsection (3) or impose any new condition thereto and such conditions shall not have retrospective effect.
(5) The Bank shall notify the applicant of its decision under subsection (3) in writing.

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s 124

(1)

An application to be a financial holding company under section 122 or 123, as the case may be, shall be submitted to the Bank together with such documents or information as may be specified by the Bank.

(2)

In assessing an application under section 122 or 123 for an applicant company to be approved as a financial holding company submitted under subsection (1), the Bank shall have regard to all matters that the Bank considers relevant including the factors set out in Schedule 6 and any standards specified by the Bank under subsection 103(1).

(3)

Where the Bank is satisfied that such matters referred to in subsection (2) have been fulfilled by the applicant, the Bank may

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approve an application made pursuant to section 122 or 123, as the case may be, with or without conditions, or reject such application.

(4)

The Bank may, at any time, in writing amend or revoke any existing condition of approval of a financial holding company under subsection (3) or impose any new condition thereto and such conditions shall not have retrospective effect.

(5)

The Bank shall notify the applicant of its decision under subsection (3) in writing.