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International Islamic Liquidity Management Corporation Act 2011 s 5

s 5 Authorization to become a member of the Corporation and to sign the Articles of Agreement

(1) The Bank is authorized to become a member of the Corporation and to sign the Articles of Agreement and exercise the rights or perform the duties or functions in respect of its membership subject to the provisions of the Central Bank of Malaysia Act 2009. (2) Pursuant to subsection (1), the Bank mayβ€” (a) cooperate in any arrangement, scheme, programme or initiative with the Corporation and use its best endeavours towards achieving its common objectives with the Corporation for the furtherance of Islamic finance; and (b) accept any payment made to it by the Corporation. (3) The Bank may, for the purpose of Malaysia being the host country of the Corporationβ€” (a) grant, donate, lend or advance any sum of money to the Corporation in accordance with the principles of Shariah for the establishment and continued existence of the Corporation, subject to the prior written approval of the Minister charged with the responsibility for finance; or (b) allow the Corporation to occupy and use, whether by lease or otherwise, the immoveable property of the Bank or procure the lease of any other property for the purpose of the Corporation, its officers including the chief executive officer or any member of a committee of the Corporation.

Malay text (authoritative)

Pemberikuasaan untuk menjadi anggota Perbadanan dan menandatangani Perkara Perjanjian

(1) Bank diberi kuasa untuk menjadi anggota Perbadanan dan untuk menandatangani Perkara Perjanjian dan menjalankan hak atau melaksanakan kewajipan atau fungsi berkenaan dengan keanggotaannya tertakluk kepada peruntukan Akta Bank Negara Malaysia 2009. (2) Menurut subseksyen (1), Bank bolehβ€” (a) bekerjasama dalam apa-apa perkiraan, skim, program atau inisiatif dengan Perbadanan dan menggunakan sebaik-baik ikhtiarnya untuk mencapai objektif yang sama dengan Perbadanan bagi memajukan kewangan Islam; dan (b) menerima apa-apa bayaran yang dibuat kepadanya oleh Perbadanan. (3) Bank boleh, bagi maksud Malaysia sebagai negara tuan rumah kepada Perbadananβ€” (a) memberi, menderma, meminjamkan atau mendahulukan apa-apa jumlah wang kepada Perbadanan mengikut prinsip Shariah bagi penubuhan dan kewujudan berterusan Perbadanan, tertakluk kepada kelulusan bertulis Menteri yang dipertanggungkan dengan tanggungjawab bagi kewangan terlebih dahulu; atau (b) membenarkan Perbadanan untuk menghuni dan menggunakan, sama ada melalui pajakan atau selainnya, harta tak alih Bank atau mendapatkan pajakan mana-mana harta lain bagi maksud Perbadanan, pegawainya termasuk ketua pegawai eksekutif atau mana-mana anggota jawatankuasa Perbadanan.

Read this section in the full act β†’

Find Act 721 on lom.agc.gov.my β†—

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).

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