Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part III · Restrictions on Business
33J. Notice of cessation as member of Shariah committee
Feedback & supportWhere a person ceases to be a member of a Shariah committee of a prescribed institution pursuant to—
person
“person” includes an individual, any 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;
paragraph 33I(1)(a), (b) or (d); or
paragraph 33I(1)(c), if such disqualification is within the prescribed institution’s knowledge, the prescribed institution shall notify the Bank in writing of that fact and the reasons of such cessation immediately or in any case not later than fourteen days from the date of such cessation.
Where a person ceases to be a member of a Shariah committee under subsection 33I(1) or is removed by the Bank under subsection 33I(4), the prescribed institution shall appoint a new member of its Shariah committee in accordance with section 33G within such period as may be specified by the Bank.
member
“member”, in relation to an institution which is— (a) a corporation, means a shareholder; and (b) a partnership, means a partner;