Section 55
Advisory Council
of Central Bank of Malaysia Act 2009
ActIn forceProvision 55 of 134
Section 55
(1)
The Bank shall consult the Shariah Advisory Council on any matter—
(a)
relating to Islamic financial business; and
(c)
for the purpose of carrying out its functions or conducting its business or affairs under this Act or any other written law in accordance with the Shariah, which requires the ascertainment of Islamic law by the Shariah
Advisory Council.
Central Bank of Malaysia 63
(2)
Any Islamic financial institution in respect of its Islamic financial business, may—
(a)
refer for a ruling; or
(b)
seek the advice, of the Shariah Advisory Council on the operations of its business in order to ascertain that it does not involve any element which is inconsistent with the Shariah.