73. Prohibition of certain accounts

Terms defined in this Act

• deposit

  deposit

  Defined · s 60

  “deposit” means a sum of money received or paid on terms in compliance with Syariah principles— (a) under which it will be paid or repaid, with or without profits or at a premium or discount; or (b) under which it is payable or repayable, either wholly or in part, with any consideration in money or money’s worth, and such payment or repayment being either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a financing, an advance, an investment, a saving, a sale or a sale and repurchase, but does not include money paid bona fide— (A) by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided; (B) by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract; (C) without prejudice to paragraph (B), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and (D) in such other circumstances, or to or by such other person, as the Authority may specify;

  Open s 60
• Islamic bank licensee

  Islamic bank licensee

  Defined · s 2

  “Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;

  Open s 2