Islamic Financial Services Act 2013 · s 150

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s 150Advertisements for Islamic deposits

(1)

No person, other than a licensed Islamic bank, shall issue, or otherwise facilitate any person to issue, an advertisement which—

(a)

contains any offer or invitation—

(i)

to make any Islamic deposit; or

146

(ii)

to enter or offer to enter into any agreement to make any Islamic deposit; or

(b)

is intended, directly or indirectly, to lead to or induce the making of any Islamic deposit.

(2)

Subsection (1) shall not apply to the issuance by any person of any advertisement for or on behalf of a licensed Islamic bank.

(3)

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding five years or to a fine not exceeding ten million ringgit or to both.