10. Conditions of licence

(1)

In granting a licence, the Authority may impose such conditions as the Authority thinks appropriate.

(2)

It shall be a condition of every licence that the Authority shall continue to be satisfied as to matters mentioned in section 8.

(3)

The Authority may at any time vary or revoke any conditions of a licence imposed under subsection (1) or may impose conditions or additional conditions thereto.

(4)

Prior to taking action under subsection (3), the Authority shall notify its intention to take the action to the Islamic bank concerned and shall give the Islamic bank an opportunity to submit in writing within such period, being not less than 14 days, as may be specified in the notification reasons why the conditions of its licence should not be so varied or revoked or, as the case may be, why conditions or additional conditions should not be so imposed.

(5)

An Islamic bank which is aggrieved by any action taken by the

Authority under subsection (3) may appeal to the Minister against the variation, revocation or, as the case may be, imposition of the condition or additional condition concerned, whose decision is final.

(6)

Any Islamic bank which fails to comply with any of the conditions of its licence is guilty of an offence and liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.

Islamic Banking

Terms defined in s 2

Part 7

Reserve Funds, Dividends, Balance Sheets and Information

Prohibited Business

Minimum Assets Requirements

Powers of Control Over Islamic Banks

Overseas Branches and Representative Offices of Domestic Islamic Banks

Unclaimed Balances

Invitations to Make Deposits

General

Schedules