Islamic Financial Services Act 2013 · s 11

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11.
Approval by Bank
(1) In assessing an application duly made under section 9 to carry on any approved business, the Bank shall have regard to all the factors set out in Part 1 of Schedule 5 and such other matters that the
Bank considers relevant.
(2) The Bank may—
(a) approve an application to carry on any approved business, with or without conditions, or for such period as stated in the approval; or
(b) reject the application.
(3) A person approved under paragraph (2)(a) to carry on takaful broking business or Islamic financial advisory business shall at all times have in force a professional indemnity cover of such amount as may be specified by the Bank.
(4) The Bank shall notify the applicant in writing of its decision under subsection (2).
(5) Where the
Bank approves an application under paragraph (2)(a), an approved person shall commence its approved business within a period or such further period as may be specified by the Bank.

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(6) Any person who contravenes subsection (3) 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.

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s 11Approval by Bank

(1)

In assessing an application duly made under section 9 to carry on any approved business, the Bank shall have regard to all the factors set out in Part 1 of Schedule 5 and such other matters that the

Bank considers relevant.

(2)

The Bank may—

(a)

approve an application to carry on any approved business, with or without conditions, or for such period as stated in the approval; or

(b)

reject the application.

(3)

A person approved under paragraph (2)(a) to carry on takaful broking business or Islamic financial advisory business shall at all times have in force a professional indemnity cover of such amount as may be specified by the Bank.

(4)

The Bank shall notify the applicant in writing of its decision under subsection (2).

(5)

Where the

Bank approves an application under paragraph (2)(a), an approved person shall commence its approved business within a period or such further period as may be specified by the Bank.

(6)

Any person who contravenes subsection (3) 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.