Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part III · Authorization
11. Approval by Bank
Official textFrom Laws of Malaysia Online, unchanged
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.
The Bank may—
approve an application to carry on any approved business, with or without conditions, or for such period as stated in the approval; or
reject the application.
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.
The Bank shall notify the applicant in writing of its decision under subsection (2).
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;
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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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.
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