Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part III · Authorization
10. Grant of licence by Minister
Official textFrom Laws of Malaysia Online, unchanged
In assessing an application duly made under section 9 to carry on any licensed business, the Bank shall have regard to all the factors set out in Part 1 and Part 2 of Schedule 5 and such other matters that the Bank considers relevant.
Upon making an assessment under subsection (1) and where the
Bank is satisfied that such applicant may be granted a licence, the Bank shall make a recommendation to the Minister to grant a licence under subsection (4) with or without conditions.
applicant
“applicant” means— (a) in Part III and Schedule 5, the person who submits, on its own behalf or through an advocate, a secretarial firm or other duly authorized representative, the application for authorization under section 9; (b) in Part VII and Schedule 6, the person who submits, on its own behalf or through an advocate, a secretarial firm or other duly authorized representative, the application for approval under that Part; or (c) in Part VIII, the person who submits the application to be a financial holding company or proposes another company to be a financial holding company;
The Bank shall notify the applicant in writing if the Bank does not make a recommendation to the
Minister under subsection (2).
Where the Bank makes a recommendation pursuant to subsection (2), the Minister may grant a licence to the applicant to
Islamic Financial Services 53
carry on Islamic banking business, takaful business, international
Islamic banking business or international takaful business, with or without conditions.
The Bank shall notify the applicant in writing of the decision of the Minister under subsection (4).
Where the Minister grants a licence under subsection (4), a licensed person shall commence its licensed business within a period or such further period as may be specified by the Minister, on the recommendation of the Bank.
Terms defined in s 2
applicant
Defined · s 2“applicant” means— (a) in Part III and Schedule 5, the person who submits, on its own behalf or through an advocate, a secretarial firm or other duly authorized representative, the application for authorization under section 9; (b) in Part VII and Schedule 6, the person who submits, on its own behalf or through an advocate, a secretarial firm or other duly authorized representative, the application for approval under that Part; or (c) in Part VIII, the person who submits the application to be a financial holding company or proposes another company to be a financial holding company;
Part IV
Shariah Requirements
Part V
Payment Systems
Part VI
Prudential Requirements
Part VII
Ownership, Control and Transfer of Business
Part VIII
Financial Groups
Part VI
Part VI—
Part IX
Business Conduct and Consumer Protection
Part X
Islamic Money Market and Islamic Foreign Exchange Market
Part XI
Submission of Document or Information
Part XII
Examination
Part XIII
Directions of Compliance
Part XIV
Intervention and Remedial Action
Part XV
Other Powers of Bank
Part XVI
Enforcement and Penalties
Part XVII
General Provisions
Part XVIII