Islamic Financial Services Act 2013 · s 50

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s 50Application of this Division

(1)

The provisions of this Division shall apply to—

(a)

any transfer order sent through a certified designated payment system; and

(b)

any netting arrangement, in respect of claims or obligations arising from a transfer order that is final under subsection 52(1), entered into between an operator and a participant or between participants only in respect of a certified designated payment system.

(2)

Any written law relating to bankruptcy and insolvency shall continue to apply, but where there is any conflict or inconsistency between the provisions of this Division and the written law relating to bankruptcy and insolvency, the provisions of this Division shall prevail.