Malaysia Co-Operative Societies Commission Act 2007 · Updated to 1 Oct 2023 · Part V · Finance
36. Power to lend
Official textFrom Laws of Malaysia Online, unchanged
In the exercise of its powers and functions under this Act, the
Commission may provide Islamic financing or credit facility to any person on such terms and conditions as it deems fit with the approval of the Minister and the Minister of Finance.
Commission
“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
Terms defined in s 2
Commission
Defined · s 2“Commission” means the Malaysia Co-operative Societies Commission established under section 3;
credit facility
Defined · s 2“credit facility” means— (a) the giving of any advance, loan, trade credit or other facility in whatever form or by whatever name called whereby the person to whom the advance, loan, trade credit or other facility is given has access, directly or indirectly, to the funds or property of the person giving the same; (b) hire-purchase, leasing, factoring and such similar dealings or transactions; (c) the giving of a guarantee or the provision of any security in relation to the obligations of any person; or (d) any other like dealing or transaction as may be prescribed by the Commission;
Islamic financing
Defined · s 2“Islamic financing” means the giving of any credit facility in accordance with the Syariah as may be approved by the Syariah Advisory Council and includes any other like dealing or transaction as may be prescribed under section 63;
Minister
Defined · s 2“Minister” means the Minister charged with the responsibility for co-operative development;
Chapter 3
Part VI
Investigation, Search and Seizure
Part VII