Development Financial Institutions Act 2002 · Updated to 6 Oct 2023 · Part III · Restrictions on Business
33N. Appointment of person by Bank to conduct audit on Shariah compliance
Feedback & supportWithout prejudice to section 33M, the Bank may appoint for a prescribed institution any person to conduct an audit on Shariah compliance—
Bank
“Bank” means the Central Bank of Malaysia established under the *Central Bank of Malaysia Act 2009;
if the prescribed institution fails to appoint a person under subsection 33M(1);
in addition to the person appointed under subsection 33M(1); or
under any other circumstances as the Bank deems appropriate for the purposes of compliance with Shariah by the prescribed institution, and the remuneration and expenses relating to such appointment shall be borne by the prescribed institution.
The person appointed under subsection (1) shall have such functions and duties as may be specified by the Bank and shall submit a report to the Bank on the audit carried out pursuant to this section.
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;
The person appointed under subsection (1) shall not be liable for a breach of duty of confidentiality between such person and the prescribed institution in respect of matters reported to the Bank pursuant to an audit on Shariah compliance under this section.
prescribed institution
“prescribed institution” means a development financial institution which is prescribed by the Minister under subsection 2(1);
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