Islamic Financial Services Board Act 2002

Original Language Title: Islamic Financial Services Board Act 2002

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WM laws of MALAYSIA Act 623 REPRINTING the ISLAMIC FINANCIAL SERVICES BOARD ACT, 2002 Contains all amendments to 1 January 2006 PUBLISHED by the COMMISSIONER of law revision, UNDER the AUTHORITY of law REVISION ACT 1968 in COLLABORATION with PERCETAKAN NASIONAL MALAYSIA BHD 2006 laws of Malaysia ACT 6232 the ISLAMIC FINANCIAL SERVICES BOARD ACT, 2002 Royal Assent Date.................. 24 July 2002 date of publication in the Gazette............ 1 August 2002 REPRINTING BEFORE Reprinting the first......... 2004 Islamic financial services Board 3 laws of MALAYSIA Act 623 ISLAMIC FINANCIAL SERVICES BOARD ACT 2002 ARRANGEMENT of SECTIONS section 1. Short title and commencement 2. Interpretation 3. Privacy juridikal and the seal of the Board 4. Secretariat Of The Board 5. Constituent organs of the Board 6. Authorization to sign the agreement and became a member of the Board 7. Power of Minister to give privileges and immunities 8. There are no immunities in certain circumstances 9. Waiver of 10. The power to appoint a representative SCHEDULE laws of Malaysia ACT 6234 Islamic financial services Board 5 laws of MALAYSIA Act 623 ISLAMIC FINANCIAL SERVICES BOARD ACT 2002 an act to enable the Bank Negara Malaysia became a member of the Islamic financial services Board by signing and agreeing to accept the Treaty of establishment of the Board and to provide the powers, privileges and immunities-immunity specific to the Board as well as organs konstituennya and matters connected therewith.
[December 2002]
Enacted by the Parliament of Malaysia as follows: short title and commencement 1. (1) this Act may be cited as the Islamic financial services Board Act 2002.
(2) this Act shall come into operation on the date of * Agreement executed being the date when at least five full members of the Board have signed Agreement accordingly.
Interpretation 2. In this Act, unless the context otherwise requires — "Member" includes full members and any of the other categories as may be specified in the agreement;
* NOTE — this agreement was signed by the Governor of Bahrain Monetary Agency, Governor of Bank Indonesia, the Governor of Bank Markazi Jomhouri Iranian Islamists, Governor of the Central Bank of Kuwait, the Governor of Bank Negara Malaysia, Governor of the State Bank of Pakistan, the Governor of the Saudi Arabian Monetary Agency, Deputy Governor of the Bank of Sudan and President of the Islamic Development Bank.
Laws of Malaysia ACT 6236 "Technical Committee member" means a person appointed by a Member to represent him before the Technical Committee;
"Councillor" means a person appointed by a Member to represent him before the Council;
"full members" means — (a) the authorities of the banking regulator or financial center for a particular country;
(b) an international organization between Government that is responsible for the development of the Islamic financial market; or (c) any other person, which is accepted as a full member by the Council;
"members of the Secretariat" means any officer or employee of the Board;
"Bank" means a Bank Negara Malaysia which was established through the Central Bank of Malaysia Act 1958 [Act 519];
"The Technical Committee" means the Technical Committee of the Board;
"national interest" means any thing useful or very important for Malaysia, including the importance of security, economic, social and political;
"Board" means the Islamic financial services Board, which was established through the Agreement;
"Council" means the Council of the Board;
"Minister" means the Minister charged with the responsibility for finance;
"constituent organs" means the General Assembly, the Council, the Technical Committee and the Secretariat;
"The General Assembly" means the General Assembly of the Board;
Islamic financial services Board 7 "Agreement" means the agreement for the establishment of the Bank's Board authorized under section 6 of this Act for signing and agreeing to receive quota to be full members of the Board and includes any amendments, additions, modifications or changes made from time to time;
"Secretariat" means the Secretariat of the Board;
"Secretary-general" means the Secretary-general of the Board and includes any person appointed by the Council to act on his behalf in his absence, and any person appointed by the Council to serve as Secretary General during the period of vacancy General Secretary.
Privacy juridikal and the seal of the Board 3. (1) the Board shall have juridikal personality and legal capacity necessary for the exercise of its powers and the performance of its functions in accordance with the agreement.
(2) without prejudice to the generality of subsection (1), the Board shall have the ability to — (a) enter into contracts;
(b) acquire, hold and dispose of movable and immovable property; and (c) initiate legal proceedings.
(3) the Board may hold a seal and can use it for the purposes specified in subsection (2) or for such other matters as may be agreed by the Council.
Secretariat Of The Board 4. Secretariat of the Board shall be located in Kuala Lumpur.
Constituent organs of the Board 5. The Board is composed of the General Assembly, the Council, the Secretariat and the Technical Committee which has powers, duties and functions as may be specified in the agreement.
Laws of Malaysia ACT 6238 Authorisation to sign the agreement and became a member of the Board 6. (1) the Bank is authorized to sign and agreeing to accept the agreement and became a member of the full Board and to exercise or perform the duties or its functions in respect of his membership.
(2) without prejudice to the generality of subsection (1), the Bank may — (a) to pay any membership fees to the Board as determined from time to time under this agreement;
(b) give, contribute, loan or advance any sum of money or make any other payments that are required for the establishment of the Board to the Board based on Islamic principles;
(c) rent to the Board or authorize a legally binding laws to the Board to occupy and use the immovable property of the Bank for the purposes of the Board or for holding residential houses for the Secretary-general or other Secretariat members with or without charges;
(d) receive any payment made to it by the Board; and (e) exercising any power or function conferred upon him, or the duty imposed upon him by or under this agreement.
(3) the power of the Bank under this Act is in addition to the powers of banks under the Bank of Malaysia Act 1958 [Act 519].
Power of Minister to give privileges and immunities 7. (1) the Minister may, by regulations, whether with or without limitation or extent or subject to the conditions prescribed in the regulations, giving all or any privilege or immunity that is listed in the schedule to the Board, the members of the konstituennya organs or any person attending any international conference organised by the Board.
Islamic financial services Board 9 (2) without prejudice to the generality of subsection (1), the Minister may by regulations — (a) provide all or any of the privileges or immunities specified in part I of the Schedule to the Board;
(b) provide all or any of the privileges or immunities specified in part II of the schedule to the person who is to be, or not to be, members of the General Assembly or the Council, or a person who is assigned to, or currently attend, or have attended, an international conference organized by the Board as a representative of a Member;
(c) provide all or any of the privileges or immunities specified in part III of the schedule to the person who becomes or has been, or is implementing or have implemented functions, a Secretary General or any member of the Secretariat; and (d) provide all or any of the privileges or immunities specified in part IV of the schedule to the person who becomes or has been, or are being implemented or have been performing their duties, a member of the Technical Committee.
(3) Notwithstanding the provisions of subsection (2), regulations that gives privileges and immunities-immunity shall be made after consultation with the Minister charged with the responsibility for Foreign Affairs unless the regulations provide privileges and immunities-immunity matters that currently the responsibility of the Minister.
(4) the Minister may make regulations as may be deemed appropriate by him for the purposes of this section, the general nature of its application or relating to — (a) the members or groups of certain Personnel;
(b) members or groups of members of certain organs konstituennya; or (c) the person or class-specific class of persons.
Laws of Malaysia ACT 62310 (5) where, by regulations, any privilege or immunity granted to a person under paragraph (2) (b), the person entitled to such privileges and immunities-immunity the same while traveling to a place for the purpose of submitting tauliahnya or attend the Conference or while on the way home from a place after he no longer assigned or after attending the Conference.

(6) If, by regulations, any privilege or immunity granted to a person under paragraph (2) (d), the person entitled to such privileges and immunities-immunity the same while traveling to a place for the purpose of serving in the Committee or when, on the way home from a place after serving in the Committee.
(7) subject to subsection (8), if, by regulations or by subsection (5), any privilege or immunity granted to a person who is being, or has been, a member of the General Assembly or the Council, or the person who commissioned it, or who are attending an International Conference, which was held by the Board as a representative of a Member, then a person who is to be, or ever in any period be official staff members, people begin to start referred to is entitled, in respect of that period, to get such privileges and immunities-immunity similar to the person who first mentioned it.
(8) any person who became or was the representative of a Member or members of the staff of such representative official during the period he become or became a Malaysian citizen is not entitled under this section or under regulations to get any privilege or immunity, except with respect to the acts and things done on its properties such as a representative or member, as the case may be.
There are no immunities in certain circumstances 8. This Act does not provide any of the persons specified in section 7 any immunity — (a) in respect of a legal action by a third party to obtain damages arising Islamic financial services board 11 from an accident caused by a motor vehicle or other transport device owned or driven by that person;
(b) in respect of an offence involving the traffic of that person and performed by such person; and (c) with respect to matters affecting the national interest of Malaysia.
Waiver 9. (1) the Council shall have power to waive immunities-immunity granted to any person referred to in section 7 if immunity can prevent the process of Justice and if immunity can ditepikan without prejudice to the purpose for which the immunity is accorded.
(2) the Secretary-general, with the consent of the Council, shall have power to waive immunities-immunity given to the Board for the purposes of any commercial transaction made by the Board.
(3) the Secretary General shall have power to waive immunities-immunity granted to members of the Secretariat (other than kekebalannya himself) in accordance with section 7 if he is of the view that the immunities the immunity that prevents the implementation of-Justice and if immunity-the immunity can be ditepikan without prejudice to the interests of the Board.
The power to appoint representatives 10. The Council may, by instrument executed with the seal of the Board, appoint any person either in Malaysia or in a place outside Malaysia as a representative of the Board, and the person so appointed may, subject to the applicable instrument, do any act or perform any of the powers or functions which he is empowered through the instrument to do or carry it out.
Laws of Malaysia ACT 62312 TABLE [section 7] PRIVILEGES and IMMUNITIES of the Board, KONSTITUENNYA organs and CONNECTED PERSONS section I — privileges and immunities of the Board 1. Immunity and immunity Board, property and assets of the Board, or property and assets in the custody of or administered by the Board, from legal and other process of law.
2. the property and assets of the Board of Ketidakbolehcabulan, or property and assets in the custody of or administered by the Board, and the Board's premises or premises occupied by the Board.
3. Ketidakbolehcabulan archives.
4. subject to section 4 of the Exchange Control Act 1953 [Act 17], exemption from restrictions on currency and Exchange.
5. subject to compliance with the conditions prescribed by the Minister in order to protect revenue, exemption from all duties and taxes on — (a) the goods are imported or exported by the Board for its official use;
(b) locally made goods acquired by the Board for its official use; and (c) Publications-Publications Board imported or exported by it.
6. Exemption from income tax and additional income taxes on income Board or real property gains tax on the profit from the disposal of property of the Board, as the case may be, to the extent obtained from or operated as a scope of its official activities.
7. Exemption from duties-stamp duty is normally payable by the Board.
8. Exemption from prohibitions and restrictions on importation or exportation — (a) the goods are imported or exported by the Board for its official use; and (b) Publications-Publications Board imported or exported by it.
9. Absence of censorship for official correspondence and communications official.
Islamic financial services board 13 10. The right to use codes and to send and receive letters and send and receive paper and other documents through couriers or in sealed bags and to obtain any such couriers or bags are counted as diplomatic couriers or diplomatic bag, as the case may be.
Part II — privileges and immunities Member General Assembly, Council, or any person representing a Member 1. Immunity from personal arrest or detention.
2. Immunity from legal process and from other law with respect to the acts and things done on its properties such as representatives.
3. Ketidakbolehcabulan papers and documents.
4. The right to use codes and to send and receive letters and send and receive papers and other documents through couriers or in sealed bags.
5. Exceptions (including the exemption for spouse representative) of the application of the law relating to immigration, registration of foreigners and the obligation to implement the national service.
6. Exemption from currency restrictions or Exchange to the extent given to representatives of a foreign Government which implemented a temporary mission on behalf of the Government.
Part III — privileges and immunities General Secretary and member of the Secretariat 1. Immunity from legal process and from other law with respect to the acts and things done on its properties as such officer.
2. Exemption from income tax on salaries and emoluments received from the official Board.
3. Exceptions (including exemption spouse and children under the age of twenty-one years) of application of the law relating to immigration and registration of foreigners.
4. Exemption from the obligation to implement the national service.
5. Exemption from currency or exchange restrictions as far as given to the acts of meteoric sits on a diplomatic mission.
6. repatriation repatriation Facilities, including facilities for the spouse and any dependent relative) during an international crisis.
Laws of Malaysia ACT 62314 7. The right to import furniture and personal items, including a motor vehicle, excluding duty and taxes during the first took up a post in Malaysia and to export furniture and personal items without duty and taxes while leaving Malaysia at the end of its functions.
Part IV — privileges and immunities of the person who served the Technical Committee 1. Immunity from personal arrest or detention.
2. Immunity from suit or other legal process in respect of acts and things done while serving in the Committee.
3. Ketidakbolehcabulan papers and documents.
4. Rights, for the purpose of communicating with the Board, to use codes and to send and receive letters and send and receive papers and other documents through couriers or in sealed bags.
5. Exemption from currency restrictions or Exchange to the extent given to representatives of a foreign Government which implemented a temporary mission on behalf of the Government.
Islamic financial services Board 15 laws of MALAYSIA Act 623 ISLAMIC FINANCIAL SERVICES BOARD ACT 2002 LIST AMENDMENT law short title force amend from – no – laws of Malaysia ACT 62316 laws of MALAYSIA Act 623 ISLAMIC FINANCIAL SERVICES BOARD ACT 2002 AMENDED SECTION LIST Section Power amend with effect from – THERE are –