18. Grounds for revocation of authorization

the person is pursuing aims, or carrying on its operations, business, affairs and activities contrary to Shariah;

the Bank has, in connection with the application under section 9, been provided with false, misleading, inaccurate or incomplete information;

the person has not commenced the business in respect of which it is licensed or approved within the period specified by the Minister under subsection 10(6) or by the Bank under subsection 11(5);

the person has ceased to carry on business for which it is licensed or approved;

the person has—

breached or contravened any provision of this

failed to comply with any condition of its licence or approval; or

failed to comply with any direction issued by the

the person has ceased to be viable in the opinion of the

the Bank, pursuant to the exercise of its powers under

the person has been wound-up or otherwise dissolved;

it is in the interest of consumers of financial services and products to do so.

in the opinion of the Bank, the person is committing or is about to commit an act, or is pursuing or is about to pursue any course of conduct, that is unsafe or unsound or has failed to commit an act or pursue a course of conduct that is necessary to maintain the safety and soundness of the person;

in the opinion of the Bank, the person is carrying on business in a manner detrimental to the interests of its customers, creditors, participants, users or the public generally;

a receiver or manager of the property of the person has been appointed; or

possession of the property of the person has been taken by or on behalf of a debenture holder pursuant to a charge on the property.

shall publish in the Gazette, as soon as practicable, a notice of a revocation of a licence under subsection (1)

may publish a notice of a revocation of an approval under subsection (1), (2) or (3) in such form as the Bank deems appropriate.