Islamic Financial Services Act 2013

Updated on Jan 13, 2024

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Citation Act 759 Enacted by Dewan Rakyat Date of Royal Assent 18 March 2013		Territorial extent Throughout Malaysia Enacted by Dewan Negara Date commenced 22 March 2013

The Islamic Financial Services Act 2013 (Malay: Akta Perkhidmatan Kewangan Islam 2013), is a Malaysian laws which enacted to provide for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities and the oversight of the Islamic money market and Islamic foreign exchange market to promote financial stability and compliance with Shariah and for related, consequential or incidental matters.

Structure

The Islamic Financial Services Act 2013, in its current form (22 March 2013), consists of 18 Parts containing 291 sections and 16 schedules (including no amendment).

Part I: Preliminary

Part II: Regulatory Objectives and Powers and Functions of Bank

Part III: Authorization

Part IV: Shariah Requirements

Part V: Payment Systems

Part VI: Prudential Requirements

Part VII: Ownership, Control and Transfer of Business

Part VIII: Financial Groups

Part IX: Business Conduct and Consumer Protection

Part X: Islamic Money Market and Islamic Foreign Exchange Market

Part XI: Submission of Document or Information

Part XII: Examination

Part XIII: Directions of Compliance

Part XIV: Intervention and Remedial Action

Part XV: Other Powers of Bank

Part XVI: Enforcement and Penalties

Part XVII: General Provisions

Part XVIII: Repeal, Savings and Transitional

Schedules

References

Islamic Financial Services Act 2013 Wikipedia

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