Islamic Banking Act · s 9

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)

9.
Determination of application for licence
(1) On receipt of an application for a licence under section 7(1), the
Authority shall, subject to subsection (2), within a period of 4 months or such extended time as the applicant and the Authority shall decide, grant or refuse the licence applied for.
(2) Where the Authority intends to refuse a licence, the Authority shall serve on the applicant notice in writing stating that it is considering taking that decision for the reasons stated in the notice.
(3) An applicant on whom notice is served under subsection (2) may, within 28 days of the service of the notice, submit written representations to the Authority.
(4) The Authority shall consider any representations made in response to a notice under subsection (2) before giving further consideration to the matter to which the notice relates.

Islamic Banking 22
(5) If, after considering any representation made under subsection (3), the Authority refuses to grant the licence, the Authority shall serve on the applicant notice thereof in writing.
(6) Any applicant who is aggrieved by the refusal of the Authority to grant a licence may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision is final.

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 9Determination of application for licence

(1)

On receipt of an application for a licence under section 7(1), the

Authority shall, subject to subsection (2), within a period of 4 months or such extended time as the applicant and the Authority shall decide, grant or refuse the licence applied for.

(2)

Where the Authority intends to refuse a licence, the Authority shall serve on the applicant notice in writing stating that it is considering taking that decision for the reasons stated in the notice.

(3)

An applicant on whom notice is served under subsection (2) may, within 28 days of the service of the notice, submit written representations to the Authority.

(4)

The Authority shall consider any representations made in response to a notice under subsection (2) before giving further consideration to the matter to which the notice relates.

Islamic Banking 22

(5)

If, after considering any representation made under subsection (3), the Authority refuses to grant the licence, the Authority shall serve on the applicant notice thereof in writing.

(6)

Any applicant who is aggrieved by the refusal of the Authority to grant a licence may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision is final.