This legislation has been repealed. Do not cite it as law in force.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 24
(1) No Islamic bank shall-
(a) pay any dividend on its shares until all its Restrictions on payment not represented by tangible assets) has been
(b) the seamity ofits ovan or er,dir facility against
[Pr. V, S. 24-25) Act 125. Act 102. Aci6. sups. ÁAC34 Prohibition of loans, etc., to directors, officers and employees. unsecured loans or
(c) grant unsecured advances' in excess of, in the unsecured credit facilities aggregate and outstanding at any one time, ten thousand ringgit to any corporation which is deemed to be related to the bank as described in section 6 of the Companies Act 1965, other than an Islamic bank, a licensed bank under the Banking Act 1973, a finance company licensed under the Finance Companies Act 1969, or any other financial institution approved by the Central Bank.
(2) For the purpose of this section "unsecured advances", "unsecured loans" and "unsecured credit facilities" mean respectively advances, loans and credit facilities made without security, or, in respect ot any advance, loan and credit facility made with security, any portion thereof which at any time exceeds the market value of the assets constituting the security or, where the Central Bank is satisfied that there is no established market value, the value made on the basis of a valuation approved by the Central Bank.
Malay text (authoritative)
(1) Tiada sesuatu bank Islam boleh- Sekatan
(a) membayaı apa-apa dividen atas syer-syernya dividen ara ehingga semua perbelanjaanna vang diper- penoena nodalkan (termasuk belania permulaan, dan pendahuluan belanja penubuhan, komisen menjual syer, pinjaman. bayaran broker, amaun kerugian yang ditang ung dan apa-apa butiran perbelaniaan lai vanga sepeernnyasct zahir) telah dihapuskan remudahan kredit dengan cagaran sver-sverny sendiri: atal
(c) memberi pendahuluan tak bercagar, pınjaman tak bercagar atau kemudahan kredit tak bercagar lebih daripada sepuluh ribu ringgit pada agregatnya dan belum dijelaskan pada manasuatu bank Islam, sesuatu bank berlesen di bawah Akta Bank 1973, sesuatu syarıkat 4kıa102 kewangan_yang diberi lesen di bawah Akta Syarikat Kewangan 1969, atau mana-mana Akta6. institusi kewangan lain yang diluluskan oleh Bank Negara. bercagar anpa cagaran, atau, berkenaan dengan apa-apa pen lahuluan, pinjaman dan kemudahan kredit yang diber
Jubs. AA634 Larangan pemberian pinjaman, dsb., kepada pengarah, nepawai dan pekerja. →.;.... [Bah. V, S. 24-25) dengan cagaran, mana-mana bahagiannya yang, pada bila-bila masa lebih daripada nilai pasaran bagi asetaset yang menjadi cagaran itu atau, jika Bank Negara berpuas hatı bahawa tiada sesuatu nilai pasaran yang .tertentu, nilai yang dibuat atas asas sesuatu penilaian yang diluluskan oleh Bank Negara.
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).
