Islamic Banking Act · s 23

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s 23Other categories of licence and fees

(1)

The Authority may also grant —

(a)

an Islamic merchant bank licence for the purpose of carrying on Islamic merchant banking business, including corporate finance, the underwriting of share and securities issues, mergers and acquisitions, portfolio investment management, management consultancy and such other fee-based activities as may be specified by the Authority in the licence; or

(b)

such other licence as the Authority deems necessary.

(2)

Subject to this Act, the grant of a licence under subsection (1)

shall be subject to the restriction that the licensee may not offer, conduct or provide Islamic banking business except in respect of the services named or described in the undertaking accompanying the application for the licence, as mentioned in section 7(1)(c).

(3)

Every licensee shall pay such annual fee or fees as may be prescribed.

(4)

In granting such licence, the Authority may impose such conditions as it considers fit.