Islamic Financial Services Act 2013: An Annotation

Islamic Financial Services Act 2013: An Annotation

The Islamic Financial Services Act 2013 replaces the Islamic Banking Act 1983, Payment Systems Act 2003, Takaful Act 1984, and Exchange Control Act 1953, all of which were repealed in 2013. The new Act establishes a more standard governance and regulatory structure for Islamic banks in Malaysia, while also taking into account current financial market trends. This book includes extensive discussion on each provision of the Act as well as analysis of the court's reported opinions.

TABLE OF CONTENTS of Islamic Financial Services Act 2013

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
Schedule 1-16

About the Author(s)

Dr. Johan is a senior partner with Malaysian law firm J. Lee & Associates. He received his LLB (Hons) from the International Islamic University Malaysia (IIUM). He also possesses a Master of Comparative Laws degree from IIUM, as well as a post-graduate Diploma in Shariah and Legal Practice from IIUM, as well as an MA in Economics for Competition Law from King's College London and a Ph.D. in Business and Commercial Law from Monash University Australia. He is currently a Malaysian Bar mediator and a trained member of the Chartered Institute of Arbitrators (UK). He is admitted to the High Court of Malaya, the High Court of Sabah and Sarawak, the Shariah Court, and the Supreme Court of Brunei as an advocate and solicitor.

Dr. Johan is an expert in the field of Islamic Banking and Finance, and he serves as a consultant to a number of local and international businesses. He has also written several books and articles in this field of law that have been published around the world. He is presently a member of the Association of Islamic Banks Malaysia's (AIBIM) Shariah Advisory Council (SAC) and a part-time lecturer at several local law schools. Dr. Johan also delivers in-house training for a number of Islamic banking institutions, as well as governmental and semi-governmental organisations around the world.

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