Islamic Financial Services Act 2013 · Updated to 2 Jan 2025 · Part IV · Shariah Requirements
33. Cessation as member of Shariah committee
Official textFrom Laws of Malaysia Online, unchanged
A member of a Shariah committee shall cease to be a member if—
such member resigns as a member;
the institution, subject to the Bank’s prior written approval under subsection (2), terminates the appointment of such member;
Islamic Financial Services 71
such member is disqualified pursuant to any standards specified by the Bank under subparagraph 29(2)(a)(ii);
or
such member no longer meets the fit and proper requirements as may be specified by the
Bank under subparagraph 29(2)(a)(ii) to the satisfaction of the Bank.
A member of a Shariah committee who—
resigns as a member; or
becomes aware that he is disqualified pursuant to any standards specified by the Bank under subparagraph 29(2)(a)(ii)
and as such, pursuant to paragraph (1)(c), cease to be a member, shall notify the Bank of that fact and the reasons thereof immediately or in any case not later than fourteen days of such circumstance.
An institution shall not terminate the appointment of a member of its Shariah committee unless the institution has obtained the prior written approval of the Bank to do so.
Subject to section 273, the Bank may, by an order in writing, remove a member of a Shariah committee if the Bank is of the opinion that—
any of the circumstances set out in paragraph (1)(c) or (d)
has occurred in relation to that member and such member remains to be a member of the Shariah committee; or
such member has contravened any provision of this Act or failed to comply with any standards applicable to him.
The removal of a member of a Shariah committee under subsection (4) shall be lawful and valid notwithstanding anything contained in a contract of service or any other agreement relating to his appointment and whether or not made or provided for under any written law, and a person so removed from office shall not be entitled to claim compensation for the loss of office.
agreement
“agreement” means an agreement whether formal or informal, oral or written, express or implied;
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Terms defined in s 2
agreement
Defined · s 2“agreement” means an agreement whether formal or informal, oral or written, express or implied;
Part V
Payment Systems
Part VI
Prudential Requirements
Part VII
Ownership, Control and Transfer of Business
Part VIII
Financial Groups
Part VI
Part VI—
Part IX
Business Conduct and Consumer Protection
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