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Islamic banking act 1983

Islamic banking act 1983

Name: Islamic banking act 1983

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An Act to provide for the licensing and regulation of Islamic banking business. ( 1) This Act may be cited as the Islamic Banking Act and shall come into. a licence, and the Minister shall not grant a licence, unless the Central Bank or the Minister, as the case may be, is satisfied—(a) that the aims and operations of . Mahyuddin Khalid [email protected] FINANCIALLEGAL FRAMEWORKISLAMIC BANKING ACT (ACT ).

Amendment of section 2. 2. The Islamic Banking Act [Act ], which is referred to as the "principal Act" in this Act, is amended in section 2 —. This Act may be cited as the Islamic Banking Act and shall come into force on such date as the Minister may by notification in the Gazette. Section 2(1) of the Central Bank of Malaysia Act define “Bank” means Bank . Malaysia was the introduction of the Islamic Banking Act (Act ) IBA.

As a result, Malaysia stands to be the hub of Islamic banking products and . on the provision of Islamic banking in Malaysia is Islamic Banking Act, Islamic Banking Act Background Although the Islamic banking phenomenon in Malaysia practically emerged in the s, its philosophies and principles. Page 1. LAWS OF MALAYSIA. Act ISLAMIC BANKING ACT ( Repealed by the Islamic Financial. Services Act [Act ]). (1) Except as provided in sections 31 and 32, nothing in this Act shall authorize the Minister to direct the Central Bank, or shall authorize the Central Bank.

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