Islamic Financial Services Act 2013 · s 152

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152.
Power of Bank to specify standards or issue codes
(1) The Bank may specify standards or issue codes for the purposes of developing, or maintaining orderly conditions or the integrity of, and ensuring compliance with Shariah in, the Islamic money market or the Islamic foreign exchange market.
(2) Without limiting the generality of subsection (1), standards specified or codes issued under that subsection may include standards or codes relating to—

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(a) compliance with Shariah by the market participants or any person employed by such market participants in relation to their conduct or activities in the Islamic money market or the Islamic foreign exchange market;
(b) obligations and duties of any market participant or any officer of the market participant; and
(c) the issuance, sale, purchase, repurchase, borrowing or lending, of or other dealings in, currencies or other Islamic financial instruments traded in the Islamic money market or
Islamic foreign exchange market including over-the-counter Islamic derivatives whose price, value or payment obligations are derived from, referenced to or based on profit rates or exchange rates.
(3) Standards or codes may only be specified or issued under paragraph (2)(b) in respect of over-the-counter Islamic derivatives derived from, referenced to or based on profit rates for the purposes of ensuring compliance with Shariah and maintaining monetary stability.
(4) Any market participant or any officer of the market participant in the Islamic money market or the Islamic foreign exchange market shall at all times comply with any standards specified or codes issued by the Bank under this section.
(5) Without limiting the Bank’s powers to take action under any provision of this Act, the Bank may impose any condition, restriction or prohibition including, suspension from trading and restrictions on dealings in these markets on any market participant or any officer of the market participant for failure to comply with or give effect to such standards specified or codes issued under this section.

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s 152Power of Bank to specify standards or issue codes

(1)

The Bank may specify standards or issue codes for the purposes of developing, or maintaining orderly conditions or the integrity of, and ensuring compliance with Shariah in, the Islamic money market or the Islamic foreign exchange market.

(2)

Without limiting the generality of subsection (1), standards specified or codes issued under that subsection may include standards or codes relating to—

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(a)

compliance with Shariah by the market participants or any person employed by such market participants in relation to their conduct or activities in the Islamic money market or the Islamic foreign exchange market;

(b)

obligations and duties of any market participant or any officer of the market participant; and

(c)

the issuance, sale, purchase, repurchase, borrowing or lending, of or other dealings in, currencies or other Islamic financial instruments traded in the Islamic money market or

Islamic foreign exchange market including over-the-counter Islamic derivatives whose price, value or payment obligations are derived from, referenced to or based on profit rates or exchange rates.

(3)

Standards or codes may only be specified or issued under paragraph (2)(b) in respect of over-the-counter Islamic derivatives derived from, referenced to or based on profit rates for the purposes of ensuring compliance with Shariah and maintaining monetary stability.

(4)

Any market participant or any officer of the market participant in the Islamic money market or the Islamic foreign exchange market shall at all times comply with any standards specified or codes issued by the Bank under this section.

(5)

Without limiting the Bank’s powers to take action under any provision of this Act, the Bank may impose any condition, restriction or prohibition including, suspension from trading and restrictions on dealings in these markets on any market participant or any officer of the market participant for failure to comply with or give effect to such standards specified or codes issued under this section.