Islamic Financial Services Act 2013

Islamic Financial Services Act 2013
Parliament of Malaysia
Long title 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.
Citation	Act 759
Territorial extent	Throughout Malaysia
Passed by	Dewan Rakyat
Passed	28 November 2012
Passed by	Dewan Negara
Passed	19 December 2012
Royal assent	18 March 2013
Commenced	22 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 title	Islamic Financial Services Bill 2012
Bill citation	D.R. 41/2012
Introduced by	Awang Adek Hussin, Deputy Minister of Finance
First reading	22 November 2012
Second reading	27 November 2012
Third reading	28 November 2012
Second chamber: Dewan Negara
Bill title	Islamic Financial Services Bill 2012
Bill citation	D.R. 41/2012
Member(s) in charge	Awang Adek Hussin, Deputy Minister of Finance
First reading	3 December 2012
Second reading	19 December 2012
Third reading	19 December 2012
Related legislation
Islamic Banking Act 1983 [Act 276] Takaful Act 1984 [Act 312]
Status: In force

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.

Structure

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

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

External links

• Islamic Financial Services Act 2013 Archived 2016-04-04 at the Wayback Machine This article incorporates text from this source, which is in the public domain .