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In forceUpdated to 2 Jan 2025Read it in Bahasa Malaysia
Contents

Part IX · Business Conduct and Consumer Protection

151. Restriction on use of certain words

(1)

Except with the prior written approval of the Bank, no person shall—

(a)

in its name, description or title under which such person carries on business or in the conduct of its business, use—

(i)

the word “Islamic bank” unless such person is licensed under this Act to carry on Islamic banking business;

(ii)

the word “takaful”, “Islamic insurance” or “Islamic assurance” unless such person is authorized under this Act to carry on takaful business, takaful broking business or Islamic financial advisory business;

(iii)

the words “Islamic financial adviser” unless such person is approved under this Act to carry on Islamic financial advisory business;

(iv)

any derivative of the words in subparagraph (i), (ii) or

(iii)

in any language; or

(v)

any other words in any language,

Islamic Financial Services 147

capable of being construed as indicating the carrying on of any of the authorized business; or

(b)

make any representation to the effect of paragraph (a) in any document relating to its business or document used in the course of carrying on its business or in any other manner whatsoever.

(2)

The restriction in subsection (1) shall not apply to—

(a)

the persons specified in Part 1 of Schedule 12 for the word

“Islamic bank” in subparagraph (1)(a)(i);

(b)

the persons specified in Part 2 of Schedule 12 for the word

“takaful”, “Islamic insurance” or “Islamic assurance” in subparagraph (1)(a)(ii); and

(c)

the persons specified in Part 3 of Schedule 12 for the words

“Islamic financial adviser” in subparagraph (1)(a)(iii).

(3)

Any person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.

Report

Part X

Islamic Money Market and Islamic Foreign Exchange Market

Read on from Part X

Part XI

Submission of Document or Information

Read on from Part XI

Part XII

Examination

Read on from Part XII

Part XIII

Directions of Compliance

Read on from Part XIII

Part XIV

Intervention and Remedial Action

Read on from Part XIV

Part XV

Other Powers of Bank

Read on from Part XV

Part XVI

Enforcement and Penalties

Read on from Part XVI

Part XVII

General Provisions

Read on from Part XVII

Part XVIII

Repeal, Savings and Transitional

Read on from Part XVIII

Schedules