Islamic Financial Services Act 2013
The Islamic Financial Services Act 2013, is a Malaysian laws which enacted to provide for the regulation and supervision of Islamic financial institutions, payment systems and other relevant entities and the oversight of the Islamic money market and Islamic foreign exchange market to promote financial stability and compliance with Shariah and for related, consequential or incidental matters.Structure
The Islamic Financial Services Act 2013, in its current form, consists of 18 Parts containing 291 sections and 16 schedules.
- Part I: Preliminary
- Part II: Regulatory Objectives and Powers and Functions of Bank
- Part III: Authorization
- Part IV: Shariah Requirements
- Part V: Payment Systems
- Part VI: Prudential Requirements
- Part VII: Ownership, Control and Transfer of Business
- Part VIII: Financial Groups
- Part IX: Business Conduct and Consumer Protection
- Part X: Islamic Money Market and Islamic Foreign Exchange Market
- Part XI: Submission of Document or Information
- Part XII: Examination
- Part XIII: Directions of Compliance
- Part XIV: Intervention and Remedial Action
- Part XV: Other Powers of Bank
- Part XVI: Enforcement and Penalties
- Part XVII: General Provisions
- Part XVIII: Repeal, Savings and Transitional
- Schedules
