Islamic Banking Act · s 26

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s 26Payment of dividends

(1)

No locally incorporated Islamic bank shall pay any dividend on its shares until all its capitalised expenditure (including preliminary expenses, organisation expenses, share selling commission, brokerage, amount of losses and any item of expenditure not represented by tangible assets) has been completely written-off.

(2)

Before an Islamic bank declares any dividend, it shall apply in writing for the approval of the Authority in respect of the amount proposed to be declared, the Authority may approve the same or a reduced amount, or

Islamic Banking 36

prohibit payment of any dividend, having regard to the financial condition of the Islamic bank.