Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part VIII · Financial Groups
Section 124
Official textFrom Laws of Malaysia Online, unchanged
An application to be a financial holding company under section 122 or 123, as the case may be, shall be submitted to the Bank together with such documents or information as may be specified by the Bank.
In assessing an application under section 122 or 123 for an applicant company to be approved as a financial holding company submitted under subsection (1), the Bank shall have regard to all matters that the Bank considers relevant including the factors set out in Schedule 6 and any standards specified by the Bank under subsection 103(1).
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 is satisfied that such matters referred to in subsection (2) have been fulfilled by the applicant, the Bank may
128
approve an application made pursuant to section 122 or 123, as the case may be, with or without conditions, or reject such application.
The Bank may, at any time, in writing amend or revoke any existing condition of approval of a financial holding company under subsection (3) or impose any new condition thereto and such conditions shall not have retrospective effect.
The Bank shall notify the applicant of its decision under subsection (3) in writing.
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