Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part VIII · Financial Groups
123. Power of Bank to require submission of application
Official textFrom Laws of Malaysia Online, unchanged
Where the Bank considers it is necessary for the purpose of maintaining effective regulation and supervision of a licensed person, the Bank may require—
any other company within the corporate group of the applicant, if the Bank is of the opinion that neither the applicant nor the other company proposed by the applicant under section 122 should be approved as a financial holding company; or
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;
a company which has an aggregate interest in shares of fifty per cent or less in the licensed person but has control over the licensed person, to submit to the Bank an application to be approved as a financial holding company.
Approval of application as financial holding company under section 122 or 123
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 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