Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part IX · Business Conduct and Consumer Protection
150. Advertisements for Islamic deposits
Official textFrom Laws of Malaysia Online, unchanged
No person, other than a licensed Islamic bank, shall issue, or otherwise facilitate any person to issue, an advertisement which—
advertisement
“advertisement” means the disseminating or conveying of information, invitation or solicitation by any means or in any form including oral and written communication by means of print, electronic and any other media;
contains any offer or invitation—
to make any Islamic deposit; or
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to enter or offer to enter into any agreement to make any Islamic deposit; or
is intended, directly or indirectly, to lead to or induce the making of any Islamic deposit.
Subsection (1) shall not apply to the issuance by any person of any advertisement for or on behalf of a licensed Islamic bank.
Any person who contravenes subsection (1) 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
advertisement
Defined · s 2“advertisement” means the disseminating or conveying of information, invitation or solicitation by any means or in any form including oral and written communication by means of print, electronic and any other media;
agreement
Defined · s 2“agreement” means an agreement whether formal or informal, oral or written, express or implied;
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