Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part XVIII · Repeal, Savings and Transitional
Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part XVIII · Repeal, Savings and Transitional
Official textFrom Laws of Malaysia Online, unchanged
A company which has lawfully held more than fifty per cent of interest in shares of a licensed Islamic bank under the repealed
Islamic Banking Act 1983 or a registered takaful operator under the repealed Takaful Act 1984, shall submit an application to the Bank for it to be approved as a financial holding company within a period of
*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.
254
twelve months from the appointed date or such longer period as may be specified by the Bank.
An application made under subsection (1) shall be dealt with as if it was made under section 122 and a company referred to in subsection (1) which fails to submit an application after the expiry of the twelve months or such longer period as may be specified by the
Bank under subsection (1) commits a breach and the Bank may take any action under subsection 245(3).