Islamic Financial Services Act 2013 · s 30

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s 30Establishment of Shariah committee

(1)

A licensed person shall establish a Shariah committee for purposes of advising the licensed person in ensuring its business, affairs and activities comply with Shariah.

(2)

For the purposes of subsection (1), where there is more than one licensed person within a financial group, one of the licensed

persons may apply to the Bank for the establishment of a single

Shariah committee within the financial group and the Bank may approve the application in writing if the Bank is satisfied that the

Shariah committee so established is capable of ensuring compliance with Shariah by all licensed persons within the financial group.

(3)

The Bank may require an approved person or operator of a designated payment system to establish a Shariah committee for purposes of advising the approved person or operator of a designated payment system in ensuring their business, affairs and activities comply with Shariah.