Islamic Financial Services Act 2013 · s 284

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284.
Savings in respect of licences granted and registrations made under repealed Acts
(1) Subject to the provisions of subsection (2)—
(a) a licence granted to a person by the Minister under section 3 and section 30B of the repealed Islamic Banking
Act 1983 to carry on Islamic banking business or international Islamic banking business, as the case may be, under that Act shall be deemed to be a licence granted under section 10 authorizing such person to carry on Islamic banking business or international Islamic banking business, as the case may be;
(b) a registration of a takaful operator under section 8 and international takaful operator under section 40B of the repealed Takaful Act 1984 to carry on takaful business or international takaful business, as the case may be, under that
Act shall be deemed to be a licence granted under section 10 authorizing such person to carry on takaful business or international takaful business, as the case may be;

252
(c) a licence granted to a person by the Bank under section 37
of the repealed Takaful Act 1984 to carry on takaful broking business shall be deemed to be an approval granted  under section 11 authorizing such person to carry on takaful broking business; and
(d) an adjuster licensed by the Bank under section 38 of the repealed Takaful Act 1984 to carry on adjusting business shall be deemed to be a registered person under subsection 18(1) of the Financial Services Act 2012.
(2) The persons referred to in subsection (1) shall continue to be subject to the conditions applicable to it before the appointed date as if such conditions were imposed under this Act.

Savings and transitional provision in respect of specific provisions of repealed Takaful Act 1984

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s 284Savings in respect of licences granted and registrations made under repealed Acts

(1)

Subject to the provisions of subsection (2)—

(a)

a licence granted to a person by the Minister under section 3 and section 30B of the repealed Islamic Banking

Act 1983 to carry on Islamic banking business or international Islamic banking business, as the case may be, under that Act shall be deemed to be a licence granted under section 10 authorizing such person to carry on Islamic banking business or international Islamic banking business, as the case may be;

(b)

a registration of a takaful operator under section 8 and international takaful operator under section 40B of the repealed Takaful Act 1984 to carry on takaful business or international takaful business, as the case may be, under that

Act shall be deemed to be a licence granted under section 10 authorizing such person to carry on takaful business or international takaful business, as the case may be;

252

(c)

a licence granted to a person by the Bank under section 37

of the repealed Takaful Act 1984 to carry on takaful broking business shall be deemed to be an approval granted under section 11 authorizing such person to carry on takaful broking business; and

(d)

an adjuster licensed by the Bank under section 38 of the repealed Takaful Act 1984 to carry on adjusting business shall be deemed to be a registered person under subsection 18(1) of the Financial Services Act 2012.

(2)

The persons referred to in subsection (1) shall continue to be subject to the conditions applicable to it before the appointed date as if such conditions were imposed under this Act.

Savings and transitional provision in respect of specific provisions of repealed Takaful Act 1984