Islamic Financial Services Act 2013 (Act 759), Regulations & Orders (AS AT 5TH JULY 2023)

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. 

Detailed Contents Of Islamic Financial Services Act 2013 (Act 759) :

The Islamic Financial Services Act 2013 (IFSA) is an act of the Malaysian Parliament that regulates the Islamic financial services industry in Malaysia. The IFSA came into force on 30 June 2013 and replaced the Islamic Banking Act 1983. The act provides a regulatory framework for the establishment, regulation, and supervision of Islamic financial institutions, Islamic financial markets, and Islamic financial instruments. The following is a summary of the regulations and orders under the IFSA, as at 1st September 2022:

Islamic Financial Services Act 2013 (Act 759): This act provides the legal framework for the regulation of Islamic financial services in Malaysia. It covers a wide range of areas, including the establishment and operation of Islamic financial institutions, the licensing and supervision of these institutions, the regulation of Islamic financial products and services, and the enforcement of regulatory compliance.

Islamic Financial Services (Licencing) Regulations 2013: These regulations set out the requirements for the licensing of Islamic financial institutions. They cover areas such as the application process, the capital requirements for Islamic banks, the minimum capital ratios, and the fit and proper criteria for directors and senior management.

Islamic Financial Services Act 2013 Contains:

Islamic Financial Services Act 2013 (Act 759)

Islamic Financial Services (Financial Holding Company) (Non-Application and Application with Modification) Order 2012

Islamic Financial Services (Designated Islamic Payment Instruments) Order 2013

Islamic Financial Services (Minimum Amount of Capital Funds or Surplus of Assets Over Liabilities) (Licensed Person) Order 2013

Islamic Financial Services (Minimum Amount of Capital Funds) (Approved Person) Order 2013

Islamic Financial Services (Contract of General Takaful for Property or Liability) Order 2013

Islamic Financial Services (Prescribed Dates for Islamic Deposits) Order 2014

Islamic Financial Services (Fees) Regulations 2014

Islamic Financial Services (Financial Ombudsman Scheme) Regulations 2015

Islamic Financial Services (Exemption) Order 2017

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