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Islamic Financial Services Act 2013

The Islamic Financial Services Act 2013 (Malay: Akta Perkhidmatan Kewangan Islam 2013), is a Malaysian law 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.

Islamic Financial Services Act 2013
Parliament of Malaysia
  • An Act 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.
CitationAct 759
Territorial extentThroughout Malaysia
Passed byDewan Rakyat
Passed28 November 2012
Passed byDewan Negara
Passed19 December 2012
Royal assent18 March 2013
Commenced22 March 2013
Effective[30 June 2013, P.U. (B) 277/2013;[1]
1 January 2015, P.U. (B) 553/2014[2]]
Legislative history
First chamber: Dewan Rakyat
Bill titleIslamic Financial Services Bill 2012
Bill citationD.R. 41/2012
Introduced byAwang Adek Hussin, Deputy Minister of Finance
First reading22 November 2012
Second reading27 November 2012
Third reading28 November 2012
Second chamber: Dewan Negara
Bill titleIslamic Financial Services Bill 2012
Bill citationD.R. 41/2012
Member(s) in chargeAwang Adek Hussin, Deputy Minister of Finance
First reading3 December 2012
Second reading19 December 2012
Third reading19 December 2012
Related legislation
Islamic Banking Act 1983 [Act 276]
Takaful Act 1984 [Act 312]
Status: In force

Structure

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The Islamic Financial Services Act 2013, in its current form (22 March 2013), consists of 18 Parts containing 291 sections and 16 schedules (including no amendment).

  • 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

References

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  1. ^ "Islamic Financial Services Act 2013: Appointment of Date Coming into Operation" (PDF). Attorney General's Chamber of Malaysia. Retrieved 26 July 2016.
  2. ^ "Islamic Financial Services Act 2013: Appointment of Date Coming into Operation" (PDF). Attorney General's Chamber of Malaysia. Retrieved 26 July 2016.
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