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

Part IV · Shariah Requirements

38. Appointment of person by Bank to conduct audit on Shariah compliance

(1)

Without prejudice to section 37, the Bank may appoint for an institution any person to conduct an audit on Shariah compliance—

(a)

if the institution fails to appoint a person under subsection 37(1);

(b)

in addition to the person appointed under subsection 37(1);

or

(c)

under any other circumstances as the Bank deems appropriate for the purposes of compliance with Shariah by the institution, and the remuneration and expenses relating to such appointment shall be borne by the institution.

(2)

The person appointed under subsection (1) shall have such duties and functions as may be specified by the Bank and shall submit a report to the Bank on the audit carried out pursuant to this section.

(3)

A person appointed under subsection (1) shall not be liable for a breach of duty of confidentiality between such person and the institution in respect of matters reported to the Bank pursuant to an audit on Shariah compliance under this section.

Islamic Financial Services 75

Report

Part V

Payment Systems

Read on from Part V

Part VI

Prudential Requirements

Read on from Part VI

Part VII

Ownership, Control and Transfer of Business

Read on from Part VII

Part VIII

Financial Groups

Read on from Part VIII

Part VI

Part VI—

Read on from Part VI

Part IX

Business Conduct and Consumer Protection

Read on from Part IX

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