Section 44

No licence shall be granted by the Authority to a finance company to carry on Islamic financing business under this Act unless that finance company has included in its Memorandum of Association and

Articles of Association the restrictions, limitations and prohibitions contained in sections 18, 19.20 and 22.

Every company that had been carrying on Islamic financing business before 4th March 2006, being the date of commencement of the

Finance Companies Act (Amendment) Order, 2006 (S 4.112006) is deemed to have included in its Memorandum of Association and Articles of Association the restrictions, limitations and prohibitions contained in sections 18, 19, 20

and 22.

To the extent that any such restriction, limitation or prohibition so deemed to have been included in Memorandum of Association and

Articles of Association under subsection (2) is inconsistent with any provision already included in the Memorandum of Association and Articles of Association, that restriction. limitation or prohibition shall prevail over any such provision.

B. L.R.O. 6/'20?1