Islamic Banking Act · s 43

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 43Effect of certain pre-commencement transactions to be regularised

(1)

The provisions of this section apply if, at any time before the date of commencement of this Act, an Islamic bank has entered into any transaction which, if this Act had commenced, would have been contrary to any of the provisions of this Part and would continue to be so immediately before such commencement.

(2)

Within 6 months of the date of commencement of this Act, the

Islamic bank shall submit to the Authority a statement of any such transaction as is referred to in subsection (1) and, subject to the provisions of this Part, shall forthwith (and within the limitations of the provision in question) take such steps as are necessary to secure that (had this Part been in force at the material time) the Islamic bank would no longer be in breach of the provision.

(3)

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