This legislation has been repealed. Do not cite it as law in force.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 26
No Islamic bank shall grant any advance, loan or credit facility under the exemption referred to in subsection (4) of section 25 unless the following conditions are satisfied:
(a) that the advance, loan or credit facility meets the standards of credit-worthiness required of other appllcant borrowers;
(b) that the terms of the advance, loan or credit facility are not less favourable to the bank than those offered to others;
(c) that the grant of the advance, loan or credit facility will serve the best interest of the bank; and
(d) that the advance, loan or credit facility has been approved by the votes of not less than twothirds of all the other directors of the bank at a duly constituted meeting of the full board of directors and the approval has been recorded in the minutes of that meeting. of credit to single customer.
Malay text (authoritative)
Tiada sesuatu bank Islam boleh memberi sesuatu pendahuluan, pinjaman atau kemudahan kredit di bawah pengecualian yang disebutkan dalam subseksyen
(4) seksyen 25 melainkan jika syarat-syarat yang berikut dipenuhi:
(a) bahawa pendahuluan, pinjaman atau kemudahan kredit itu memenuhi standard-standard kelayakan-kredit yang dikehendaki dari peminjam-peminjam lain yang memohon;
(b) bahawa terma-terma pendahuluan, pinjamar atau kemudahan kredit tidak kurang baiknya kepada bank itu daripada yang dıtawarkan kepada orang-orang lain;
(c) bahawa pemberian pendahuluan, pinjaman atau kemudahan kredit itu akan memberi manfaat yang paling baik kepada bank itu; dan
(d) bahawa pendahuluan, pinjaman atau kemudahan kredit telah diluluskan dengan undi tidak kurang daripada dua pertiga daripada semua pengarah lain bank itu dalam mesyuarat lembaga penuh pengarah-pengarah yang diadakan dengan sempurna dan kelulusan itu telah direkodkan dalam minit mesyuarat tersebut.
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).
