Islamic Banking Act · s 98

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s 98Board to approve Islamic product

(1)

An Islamic bank shall apply to the Board for approval with respect to its submission that its Islamic product is in accordance with

Hukum Syara’ before it enters into any business transaction with respect thereto.

(2)

Without prejudice to subsection (1), an Islamic bank may consult the Board on Syariah matters relating to Islamic banking business.

(3)

In this section, “Board” means the Syariah Financial Supervisory

Board established by section 3 of the Syariah Financial Supervisory Board

Order, 2006 (S 5/2006).

Islamic Banking 92