Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part VII · Ownership, Control and Transfer of Business
Section 102
Official textFrom Laws of Malaysia Online, unchanged
An application for an approval of—
the Bank under subsection 99(1); or
the Minister under subsection 99(2) or 100(1), or section 101, as the case may be, shall be made by submitting the application to the
Bank together with such documents or information as may be specified by the Bank.
In assessing the suitability of an applicant for the purposes of—
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;
granting an approval of the Bank under subsection 99(1);
or
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recommending to the Minister under subsection 99(2)
or 100(1), the Bank shall take into consideration matters that the Bank considers relevant including any of the factors set out in Schedule 6, and any standards as may be specified by the Bank under subsection 103(1).
Upon making an assessment under subsection (2) and where the
Bank is satisfied with the suitability of the applicant, the Bank—
may approve an application in respect of subsection 99(1), with or without conditions; or
may make a recommendation to the Minister to approve the application in respect of subsection 99(2) or 100(1), with or without conditions.
Where an application is made under subsection (1) for an approval of the Minister in respect of section 101, the Bank shall consider the application and may make a recommendation to the
Minister to grant the approval if the Bank is of the opinion that it would not be detrimental to the safety and soundness of the licensed person.
The Bank shall notify the applicant in writing if the Bank does not make a recommendation to the Minister under paragraph (3)(b) or subsection (4).
Where the Bank makes a recommendation pursuant to paragraph (3)(b) or subsection (4), the Minister may approve the application, with or without conditions, or reject the application.
The Minister, on the recommendation of the Bank, in the case of an approval under subsection (6), or the Bank, in the case of an approval under paragraph (3)(a), may, at any time amend or revoke any condition imposed on such approval under subsection (6) or paragraph (3)(a), as the case may be.
The Bank shall notify the applicant of its decision under paragraph (3)(a) or the decision of the Minister under subsection (6), as the case may be.
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The Bank may, at any time by notice in writing, require a person who has obtained the approval of the Bank under paragraph (3)(a) or the Minister under subsection (6) in respect of subsection 99(2) or 100(1), to submit any information or particulars of any share acquired or held directly or indirectly either for his own benefit or any other person.
Any person who has been served with a notice under subsection (9) shall submit to the Bank such information and particulars as may be specified by 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 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