Section 17
Proceedings relating to Islamic banking business etc.
of Syariah Financial Supervisory Board Act
Where in any proceedings relating to Islamic banking business, takaful business, Islamic financial business, Islamic development financial business or any other business which is based on syariah principles before any court or arbitrator, any question arises concerning a syariah matter, the court or arbitrator, as the case may be, may take into consideration any written directive, guidelines, circulars or notes issued by the Authority pursuant to section 5 or 5A or may refer such question to the Authority for a ruling from the Board.
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Composition of offences 18.
(1)
The Authority or any person authorised by the Authority in writing in that behalf may, subject to such conditions as the Authority considers fit to impose, compound any offence against this Act by collecting from the person reasonably suspected of having committed that offence a sum of money not exceeding the amount of the maximum fine to which that person would have been liable if he had been convicted of the offence.
(2)
On compliance with any such conditions and on payment of such sum of money, no further proceedings shall be taken against that person in respect of that offence.
Consent to prosecute 19.
A prosecution under this Act shall not be instituted except by or with the consent of the Public Prosecutor.
Limitation of liability 20.
No action shall be brought against the members in respect of anything done or omitted to be done by any of them in good faith in the exercise, performance or purported exercise or performance, of any powers or duties under this Act.
Penalty 21.
Any financial institution which fails to comply with or contravenes the provisions of sections 14 and 15 is guilty of an offence and liable on conviction to a fine not exceeding $500,000 and to a further fine not exceeding $5,000 for every day during which the contravention continues.
Publication 22.
The Board may, with the approval of the Authority, cause any decision of the Board to be published by notification published in the Gazette.
Amendment of Schedule 23.
The Authority may, with the approval of His Majesty the Sultan and
Yang Di-Pertuan, by order published in the Gazette amend the Schedule.
Syariah Financial Supervisory Board
B.L.R.O. 7/2024 13
Regulations 24.
(1)
The Authority may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, make regulations which are necessary or expedient for giving effect to and carrying out the provisions of this Act, including the prescription of fees and of any other thing required to be or which may be prescribed under this Act, and for the due administration thereof.
(2)
Such regulations may include such incidental, consequential and supplementary provisions as the Authority considers necessary or expedient.
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SCHEDULE [S 36/2022]
(section 2)
FINANCIAL INSTITUTIONS