Islamic Banking Act · s 29

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29.
(1) Every Islamic bank shall send to the Authority, not later than 15 days after the last day of each month, a statement in a form approved by the Authority showing particulars of financing facilities by it to —
(a) any of its directors;
(b) any firm in which it or any of its directors is a partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor;
(c) any undertaking that is, a group undertaking in relation to the
Islamic bank;
(d) any of its officers, employees or other persons being persons receiving remuneration (exclusive of benefit and allowance) from it, where the amount of the financing facilities exceeds one year’s remuneration of the officer, employee or other person;
(e) any private or public company in which the Islamic bank or any of its directors, officers, employees or other persons who receive remuneration from the company has an interest as a director, manager, agent or guarantor; or
(f) any individual in whom, and any firm or company in which, any of its directors has an interest, directly or indirectly, as declared under the provisions of section 30, other than financing facilities particulars of which have already been supplied pursuant to paragraphs (a), (b), (c), (d) and (e).
(2) If, from an examination of the particulars supplied by an
Islamic bank under subsection (1), it appears to the Authority that any financing facilities falling within that subsection are being or have been granted to the detriment of the public interest, the Authority may by order in writing —

Islamic Banking 40
(a) prohibit the Islamic bank concerned from granting any further financing facilities falling within subsection (1) or impose such restrictions on the grant thereof as the Authority thinks fit; and
(b) direct the Islamic bank to secure repayment of any such financing facilities already made within such time and to such extent as may be specified in that order.
(3) In this section, “director” includes the wife, husband, father, mother, son and daughter of a director.

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s 29

(1)

Every Islamic bank shall send to the Authority, not later than 15 days after the last day of each month, a statement in a form approved by the Authority showing particulars of financing facilities by it to —

(a)

any of its directors;

(b)

any firm in which it or any of its directors is a partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor;

(c)

any undertaking that is, a group undertaking in relation to the

Islamic bank;

(d)

any of its officers, employees or other persons being persons receiving remuneration (exclusive of benefit and allowance) from it, where the amount of the financing facilities exceeds one year’s remuneration of the officer, employee or other person;

(e)

any private or public company in which the Islamic bank or any of its directors, officers, employees or other persons who receive remuneration from the company has an interest as a director, manager, agent or guarantor; or

(f)

any individual in whom, and any firm or company in which, any of its directors has an interest, directly or indirectly, as declared under the provisions of section 30, other than financing facilities particulars of which have already been supplied pursuant to paragraphs (a), (b), (c), (d) and (e).

(2)

If, from an examination of the particulars supplied by an

Islamic bank under subsection (1), it appears to the Authority that any financing facilities falling within that subsection are being or have been granted to the detriment of the public interest, the Authority may by order in writing —

Islamic Banking 40

(a)

prohibit the Islamic bank concerned from granting any further financing facilities falling within subsection (1) or impose such restrictions on the grant thereof as the Authority thinks fit; and

(b)

direct the Islamic bank to secure repayment of any such financing facilities already made within such time and to such extent as may be specified in that order.

(3)

In this section, “director” includes the wife, husband, father, mother, son and daughter of a director.