Islamic Banking Act 1983 s 5
This legislation has been repealed. Do not cite it as law in force.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 5
(1) No company shall be granted a licence under section 3 nor shall any company licensed thereunder carry on business in Malaysia without the written consent of the Minister if its capital funds unimpaired by losses or otherwise is less than the minimum amount.
(2) For the purposes of this section— "capital funds" means paid-up capital and reserves and any other sources of capital as may be defined and computed in such manner as may be prescribed by notice in writing from time to time by the Central Bank;
ociation of e establish- , advise the ng business ction shall be aysia Deposit nng errullly a term not d imprisonrecommenany existing ir additional ction under ing to take d and shall within such , as may be he condition ed or condile imposed iditions, the litions. ply with any i offence and ot exceeding icence under i thereunder the written s unimpaired num amount. and reserves e defined and rrescribed by Central Bank; IPt. II, S. 5-9] • "minimum amount" means such amount of capital funds to be maintained by an Islamic bank as may be the Central Bank by notification in the Gazette. prescribed by the Minister on the recommendation of + (46 407783
(3) The prescription of the minimum amount to be maintained under subsection (2) shall be complied with within such uniform period of grace being not less than three months as may be specified in the notification.
Malay text (authoritative)
(1) Tiada sesuatu syarikat boleh diberi sesuatu lesen Lesen tidak li bawah seksyen 3 dan juga tiada sesuatu syarıkat yang liberi lesen di bawah seksyen itu boleh menjalankaı dalam hal-hal perniagaan di Malaysia tanpa kebenaran bertulis tertentu. Menteri jika wang modalnya yang tidak tercacat oleh kerugian atau lain-lain adalah kurang darıpada amaun minimum.
(2) Bagi maksud-maksud seksyen ini— "amaun minimum" ertinya apa-apa_amaun wang modal yang disenggarakan oleh bank Islam sebagaimana yang ditetapkan oleh Menteri ftas syor Bank Negara melalui pemberitahuan dalam it Sils lhat 11(469/83 "wang modal" ertinya modal yang telah dibayar dan rizab dan apa-apa sumber modal lain sebagaimana ditakrifkan dan dikira mengikut apa-apa cara yang dltetapkan dengan notis secara bertulis dari semasa ke
(3) Penentuan amaun minimum yang disenggarakan di bawah subseksyen (2) hendaklah dipatuhi dalam tempoh tangguhan yang sama iaıtu tıdak kurang daripada tiga bulan sebagaimana yang dinyatakan dalam pemberitahuan itu.
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).
