Islamic Banking Act · s 41

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s 41Power of Authority to secure compliance

(1)

If at any time called upon in writing by the Authority to do so, an

Islamic bank shall satisfy the Authority by the production of such evidence or information as the Authority may require, that the Islamic bank is not in contravention of any of the preceding provisions of this Part.

(2)

For the purpose of securing compliance with the preceding provisions of this Part and with sections 11, 25 and 38, the Authority may by notice in writing require any licensed Islamic bank to prepare a statement aggregating its assets, liabilities or profits, as the case may be, with the assets, liabilities or profits of all or related companies or parties; and the

Islamic bank shall comply with that requirement within such time as is specified in the notice.

(3)

An Islamic bank which fails to comply with any provision of this section is guilty of an offence and liable on conviction to a fine not exceeding $150,000.