Islamic Banking Act 1983 s 11
This legislation has been repealed. Do not cite it as law in force.
Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.
s 11
(1) Subject to subsection (2), if any Islamic bank—
(a) is pursuing aums, or carrying on operations, involvıng any element which is not approved by the Religion of Islam;
(b) is carrying on its business in a manner detrimental to the interests of its depositors and other creditors;
(c) has insufficient assets to cover its liabilities to the public;
(d) is contravening any provision of this Act; ot
(e) has ceased to carry on banking business in Malaysia,er i) nas. the Minister may, on the recommendation of the Central Bank, revoke any licence issued to such bank.
(2) The Minister shall, prior to any such revocation, notify his intention to take such action to the Islamic bank concerned and shall give the bank an opportunity to submit within such period, being not less than twenty-one days, as may be specified in the notification reasons why the licence should not be revoked.
(3) Where the licence of an Islamic bank has been reyoked under subsection (1), the bank may within thirty days of the revocation appeal against the revocation to the High Court, which may make such order thereon as it thinks proper, including any direction as to the costs of the appeal.
(4) The Central Bank shall be entitled to be heard on any such appeal.
(5) The making of an appeal under this section shall in no way affect the exercise of the powers and duties of the Central Bank under sections 37, 39 and 40.
the Minister name which ımonwealth" "Malaysian", the National nguage. lamic banka operations, iot approved nanner detriepositors and ; liabilities to his Act; er ank has been may with st the rev ke such order y direction as 1 to be heard s section shall ers and duties 1 and 40. [Pt. II-III, S. 12-14]
Malay text (authoritative)
(1) Tertakluk kepada subseksyen (2), jika sesuatu bank Islam-
(a) menuju matlamat, atau menjalankan pengendalian, yang melibatkan apa-apa elemen yang tidak diluluskan oleh Agama Islam;
(b) menjalankan perniagaannya dengan cara yang memudaratkan kepentingan pendeposit-pendeposit dan pemiutang-pemiutang lain;
(c) mempunyai aset-aset yang tidak mencukupi untuk meliputi liabilitinya kepada awam;
(d) melanggar mana-mana peruntukan Akta ini;
(e) telah terhenti menjalankan perniagaan bank di Malaysian a fay • Menteri boleh, atas syor Bank Negara, membatalkan mana-mana lesen yang telah dikeluarkan kepada bank
2), tiap-tiap bank ank koresponden laysia. an dengan notis ›ank Islam boleh Jan Menteri atas esponden dengan di mana-mana beritahuan atau rai atau dikawal ›agi mana-mana ambayar kepada ditetapkan oleh i pemberitahuan sertulis Menteri, lesen atas suatu pada perkataan a", "Malaysia" "Persekutuan", "Rizab" sama sahasa Inggeris '), jika sesuatu ankan pengena elemen yang ilam; igan cara yang iendeposit-penig lain; IK mencukupi la awam: kan Akta ini; istitusi anggota surans Deposit anpeuu vuln [Bah. II, S. 11-12]
(2) Menteri hendaklah, sebelum pembatalan itu; memberitahu tujuannya hendak mengambil tindakan itu kepada bank Islam yang berkenaan dan hendaklah memberi bank itu suatu peluang untuk mengemukakan dalam suatu tempoh, tidak kurang daripada dua puluh satu hari, sebagaimana yang dinyatakan dalam pemberitahuan itu sebab-sebab mengapa lesen itu tidak patut dibatalkan.
(3) Jika lesen sesuatu bank Islam telah dibatalkan di bawah subseksyen (1), bank itu boleh dalam tempoh tiga puluh hari dari pembatalan itu merayu terhadap pembatalan itu kepada Mahkamah Tinggi, yang boleh membuat apa-apa perintah mengenainya sebagaimana yang difikirkannya patut, termasuk apa-apa arahan tentang kos rayuan itu.
(4) Bank Negara adalah berhak untuk didengari atas sesuatu rayuan itu.
(5) Membuat sesuatu rayuan di bawah seksyen ini tidak boleh dengan apa-apa cara menyentuh penjalanan kuasa-kuasa dan kewajipan-kewajipan Bank Negara di bawah seksyen 37, 39 dan 40.
Read this section in the full act → · Open Part II →
Find Act 276 on lom.agc.gov.my ↗
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).
