47. Interpretation

For the purposes of this Division—

“certificate of finality” means a certificate issued by the Bank to any designated payment system under section 48;

“certified designated payment system” means a designated payment system that has been issued a certificate of finality by the Bank which may include a payment system operated by the Bank, or by any body

Islamic Financial Services 81

corporate established or acquired by the Bank under the Central Bank of Malaysia Act 2009 or by any person authorized by the Bank;

“insolvency administrator” includes a receiver, manager, receiver and manager, liquidator, provisional liquidator, judicial manager, curator, special administrator or any other person, however styled, authorized under any law in or outside Malaysia to take control of a person’s property for the benefit of that person’s creditors in the event that the person is, or is likely to become, insolvent;

“netting arrangement” means an arrangement in writing to convert several claims or obligations into one net claim or one net obligation;

“transfer order” means—

an instruction by a participant of a designated payment system to place at the disposal of a recipient an amount of money by means of account book-entry;

an instruction which, when settled, results in the assumption or discharge of a payment obligation as defined by the rules of a designated payment system; or

an instruction by a participant of a designated payment system either to settle an obligation for the transfer of book-entry securities or for the transfer of such securities.