Islamic Banking Act · s 79

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s 79Notice of determination

(1)

The Authority shall determine an application by giving the applicant notice in writing to the effect that the Authority is satisfied or is not satisfied that the applicant is the owner of the money or part of the money to which the application relates.

(2)

If the Authority has not determined an application by the end of the period of 3 months after its lodgement, the Authority is taken to have given the applicant notice, at the end of that period, to the effect that the

Authority is not satisfied that the applicant is the owner of the money concerned.