s 33B Prescribed institution permitted to carry on business or activity in accordance with Shariah
(1) Nothing in this Act or the Islamic Financial Services Act 2013 shall prohibit or restrict any prescribed institution from— (a) carrying on its entire business or activity in accordance with Shariah; or (b) carrying on business or activity in accordance with Shariah in addition to its existing conventional business, provided that the prescribed institution obtains the prior written approval of the Bank. (2) The Bank may impose any condition on the approval granted by the Bank under subsection (1). (3) A prescribed institution which has obtained an approval of the Bank under paragraph (1)(b) shall not carry on its entire business or activity in accordance with Shariah unless such prescribed institution obtains the prior written approval of the Bank under paragraph (1)(a). (4) Any prescribed institution that contravenes subsection (1) or (3) commits an offence and shall on conviction be liable to imprisonment for a term not exceeding ten years or to a fine not exceeding fifty million ringgit or to both.