Skip to content
In force2024 Revised Edition
Contents

Part · Licensing of Islamic Banks

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.

Report

Part 7

Part

Reserve Funds, Dividends, Balance Sheets and Information

Part

Prohibited Business

Part

Minimum Assets Requirements

Part

Powers of Control Over Islamic Banks

Part

Overseas Branches and Representative Offices of Domestic Islamic Banks

Part

Unclaimed Balances

Part

Invitations to Make Deposits

Part

General

Schedules