Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part XVII · General Provisions
270. Enforceable undertakings
Official textFrom Laws of Malaysia Online, unchanged
The Minister or the Bank may accept a written undertaking given by a person in connection with a matter in relation to which the
Minister or the Bank, as the case may be, has a power or function under this Act.
The written undertaking accepted under subsection (1) may be varied or withdrawn by the person giving the undertaking with the consent of the Minister or the Bank, as the case may be.
If the Bank considers that a person who has given a written undertaking has breached any of the terms of the undertaking—
given to the Bank, the Bank may apply; or
given to the Minister, the Bank may recommend to the
Minister to apply, to the High Court for an order under subsection (4) by way of originating summons.
If the High Court is satisfied that a person has breached a term of the undertaking, the High Court may make any or all of the following orders:
an order directing the person to comply with the undertaking;
an order directing the person to pay to the Federal
Consolidated Fund an amount up to the amount of any financial benefit that the person obtained (whether directly or indirectly) and that is reasonably attributable to the breach;
any order that the High Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; or
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any other order that the High Court considers appropriate.
The Bank shall be entitled to be heard in proceedings relating to an application made to the High Court in respect of a breach of undertaking given to the Minister.
Part XVIII