In force2024 Revised EditionCurrent version · 2024 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Islamic Banking Act · 2024 Revised Edition · Part · Invitations to Make Deposits
Islamic Banking Act · 2024 Revised Edition · Part · Invitations to Make Deposits
Official textFrom Attorney General's Chambers, unchanged
Subject to section 96, no person shall receive, take or accept deposits except under and in accordance with a licence granted under section 4(1) to carry on Islamic banking business.
Any person who contravenes subsection (1) is guilty of an offence and liable on conviction to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both and, in the case of a continuing offence, to a further fine not exceeding $100,000 for every day during which the offence continues after conviction.
Islamic banking business
“Islamic banking business” means business whose aims and operations are not contrary to Hukum Syara’ and which consists of receiving of deposits or other repayable funds from the public, paying or collecting cheques drawn by or paid in by customers, the granting of financing facilities to customers, and includes such other business as the Authority may authorise for the purposes of this Act;
Part