s 86 Islamic banking or financial business
(1) The Bank shall consult the Minister before carrying on Islamic banking business or Islamic financial business. (2) The Minister may in consultation with the Syariah Advisory Council established under the Banking and Financial Institutions Act 1989 issue written directions to the Bank on matters relating to Islamic banking business or any other Islamic financial business and the Bank shall comply with the written directions. (3) The Bank may in carrying on Islamic banking business or Islamic financial business seek the advice of the Syariah Advisory Council on the operations of such business in order to ensure that it does not involve any element which is not approved by the religion of Islam. (4) For the purposes of this section— (a) “Islamic banking business” has the meaning assigned to it by the Islamic Banking Act 1983 [Act 276]; and (b) “Islamic financial business” means any Islamic financial business, the aims and operations, of which, do not involve any element which is not approved by the religion of Islam.