Central Bank of Malaysia Act 2009 Chapter 2 — Powers of the Bank

s 59–s 60 · 2 sections

The Bank to issue circulars, guidelines, etc., on Shariah matters

s 59

(1) The Bank may issue such written circulars, guidelines or notices on any Shariah matter relating to the Islamic financial business carried on by any Islamic financial institution in accordance with the advice or ruling of the Shariah Advisory Council. (2) An Islamic financial institution shall comply with any written circulars, guidelines or notices issued by the Bank under subsection (1) and within such time as may be set out in the circulars, guidelines or notices. (3) Any person who fails to comply with any circulars, guidelines or notices issued by the Bank under subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding three million ringgit.

Promotion of Malaysia as an international Islamic financial centre

s 60

(1) The Bank shall, in co-operation with the Government or any Government agency, statutory body, supervisory authority or international or supranational organization, develop and promote Malaysia as an international Islamic financial centre. (2) For the purposes of subsection (1), the Bank may— (a) establish a secretariat or other committees to assist the Government or any organization, council, agency or committee established by the Government; and (b) generally take such measures or facilitate such actions or provide financing, as may be necessary for the development and promotion of Malaysia as an international Islamic financial centre.

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Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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