Malaysia legislation

Section 15

of BANKING AND FINANCIAL INSTITUTIONS ACT 1989

Section 15

(a)

no person, not being a licensed institution, shall assume or use the words "bank", "deposit-taking company", "finance company", "merchant bank", "discount house", "money-broker", or "foreign exchange broker", as the case may be, or any derivatives of these words in any language, or any other words in any language capable of being construed as indicating the carrying on of such business, in relation to the business or any part of the business carried on by the person, or make any representation to such effect in any bill head, letter paper, notice, advertisement, or in any other manner whatsoever;

(b)

no institution shall hereafter be granted a licence under section 6(4) to carry on business under a name which includes—

(i)

the word "Central", "Commonwealth", "Federal", "Federation", "Malaysia", "Malaysian", "National", "Reserve" or "State", or any other word or words in any language capable of being construed as, or indicating a meaning similar to that of, any of the above words; or

(ii)

the word "Islamic" or "Muslim", or any other word or words in any language capable of being construed as indicating that the institution is carrying on Islamic banking business.

(2)

This section shall not apply to any association of any licensed institutions or to any association of any employees of any such institution or institutions.