In forceUpdated to 31 Dec 2025Read it in Bahasa Malaysia

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Consumer Credit Act 2025 · Updated to 31 Dec 2025 · Part X · General Provisions

123. Power to specify standards or guidelines

(1)

Standards or guidelines may be specified as may be necessary or expedient for carrying out the purposes or provisions of this Act including any supplemental, incidental or consequential matters in relation to this Act.

(2)

Without prejudice to the generality of subsection (1), standards or guidelines may be specified on—

(a)

Shariah matters—

(i)

in respect of the carrying on of any Islamic credit business, affair or activity by an Islamic credit provider which require the ascertainment of

Islamic law by the Shariah Advisory Council;

and

(ii)

to give effect to the advice or ruling of the Shariah

Advisory Council;

(b)

the following matters which do not require the ascertainment of Islamic law:

(i)

Shariah governance including—

(A)

functions, powers and duties of the board of directors, partners and senior management of an Islamic credit provider in relation to compliance with Shariah;

(B)

internal Shariah compliance functions; and

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(C)

the appointment of a person to advise an Islamic credit provider in ensuring its

Islamic credit business, affairs and activities comply with Shariah;

(ii)

the appointment of an independent person to carry out an audit of Shariah compliance by the Islamic credit provider; and

(iii)

any other matter in relation to the Islamic credit business, affairs and activities of an Islamic credit provider for the purposes of compliance with Shariah;

(c)

the business conduct and credit consumer protection matters including matters set out in section 85; and

(d)

the forms or manner in respect of any matter under this Act.

(3)

Standards or guidelines made under paragraph (2)(a) shall be in accordance with the advice or ruling of the Shariah Advisory

Council.

(4)

For the purposes of subsection (1), the following persons may specify such standards or guidelines:

(a)

a Regulatory and Supervisory Authority in respect of a credit provider or credit service provider regulated by the Regulatory and Supervisory Authority under this Act or any written laws administered by the Regulatory and Supervisory Authority, as the case may be; or

(b)

the Commission in respect of all matters relating to consumer credit as set out under this Act.

(5)

Standards or guidelines specified under this section may relate to all or any class, category or description of persons, and different provisions for different classes, categories or descriptions of persons.

Consumer Credit 119

Terms defined in s 4

Board
Defined · s 4
“Board” means the board of directors of the Commission referred to in section 9;
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Commission
Defined · s 4
“Commission” means the Consumer Credit Commission established under section 6;
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credit
Defined · s 4
“credit” means any arrangement, agreement or facility as set out in subsection 5(2);
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credit consumer
Defined · s 4
“credit consumer” means any person as set out in subsection 5(1);
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credit provider
Defined · s 4
“credit provider” means a person who carries on a credit business where the person— (a) is licensed under Part V of this Act; (b) is permitted to do so under any other written law; (c) is subject to the Hire-Purchase Act 1967; or (d) is subject to the Consumer Protection Act 1999;
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credit service provider
Defined · s 4
“credit service provider” means a person who carries on a credit service business where the person— (a) is registered under Part V of this Act; (b) is registered to do so under the Capital Markets and Services Act 2007; or (c) is a permit holder under the Hire-Purchase Act 1967;
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Islamic credit business
Defined · s 4
“Islamic credit business” means any business as set out in paragraph 2 of Schedule 2;
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Islamic credit provider
Defined · s 4
“Islamic credit provider” means a person who carries on an Islamic credit business where the person is authorized under this Act or other written laws;
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person
Defined · s 4
“person” includes an individual, any sole proprietorship, corporation, statutory body, local authority, society, trade union, co-operative society, partnership and any other body, organization, association or group of persons, whether corporate or unincorporate;
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Regulatory and Supervisory Authority
Defined · s 4
“Regulatory and Supervisory Authority” means any body as set out under subsection 34(1);
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senior management
Defined · s 4
“senior management” means a person appointed by a corporation to manage any part of its business or having authority and responsibility for the credit business, credit service business or business decisions of the corporation, by whatever name called and includes the chief executive and chief financial officer;
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Shariah Advisory Council
Defined · s 4
“Shariah Advisory Council” means the Shariah Advisory Council established under section 51 of the Central Bank of Malaysia Act 2009 or section 31zi of the Securities Commission Malaysia Act 1993;
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specify
Defined · s 4
“specify” means to specify in writing in any form including standards or guidelines, and a power to specify includes the power to specify differently for different persons or different classes, categories or descriptions of persons, credit businesses, credit service businesses, credit providers or credit service providers;
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standards or guidelines
Defined · s 4
“standards or guidelines” includes any obligation or requirement as specified by the Commission or a Regulatory and Supervisory Authority under section 123;
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this Act
Defined · s 4
“this Act” includes any subsidiary legislation, standard or guidelines and notification made under this Act;
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Report

Read on from s 124

123. Power to specify standards or guidelines

Terms defined in s 4

Schedules