s 33C Requirement on prescribed institution approved under paragraph 33B(1)(b)
(1) A prescribed institution which has obtained the approval of the Bank under paragraph 33B(1)(b) shall— * NOTE—In respect of prescribed institution carrying on Islamic financial business, see section 112 of the Development Financial Institutions (Amendment) Act 2015 w.e.f. 31 January 2016. (a) establish and maintain at all times a fund with such minimum amount as may be specified by the Bank to fund the operations of its Islamic financial business; and (b) keep all assets and liabilities of its Islamic financial business separate from its other assets and liabilities in such manner as may be specified by the Bank. (2) The fund established under paragraph (1)(a) shall— (a) be funded from the capital funds of the prescribed institution and other sources of funds as may be specified by the Bank; and (b) be segregated from the capital funds of the prescribed institution for the operations of its business or activity other than the Islamic financial business. (3) Unless otherwise specified by the Bank, the assets of a prescribed institution which has obtained the approval of the Bank under paragraph 33B(1)(b) relating to its Islamic financial business shall not be— (a) used to fund the operations of its conventional business; and (b) subject to the debts or other obligations of the prescribed institution in relation to its conventional business.