LAWS AND REGULATION. to formulate and conduct monetary policy in Malaysia;
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1 LAWS AND REGULATION REGULATORS FRAMEWORK IN ISLAMIC FINANCE 1) BANK NEGARA MALAYSIA Bank Negara Malaysia (BNM) was established in 1959, under the Central Bank of Malaysia Act 1958 (Revised 2009). The new Central Bank of Malaysia Act 2009, known as Act 701 was gazetted on 3rd of September Section 3(1) states that notwithstanding the repeal of the Central Bank of Malaysia Act 1958 by section 99, the body corporate established under the repealed Act under the name Bank Negara Malaysia or, in English, Central Bank of Malaysia shall continue to be in existence under and subject to the provisions of this Act. The Act incorporates an explicit mandate, provides comprehensive provisions for heightened surveillance, pre-emptive actions and expanded resolution powers to facilitate the swift and orderly resolution of a financial crisis. The bank 1 may also take appropriate intervention to avert risks that stem from unregulated entities. Anything which is related with Islamic finance is discussed in thorough in part V11 of the Act. Section 5(1) laid down the principal objects of the Bank shall be to promote monetary stability and financial stability conducive to the sustainable growth of the Malaysian economy. As written in section 5(2) the primary functions of the Bank are as follows: (a) (b) (c) to formulate and conduct monetary policy in Malaysia; to issue currency in Malaysia; to regulate and supervise financial institutions which are subject to the laws enforced by the Bank; 1 Section 2(1) of the Central Bank of Malaysia Act define Bank means Bank Negara Malaysia or in English, the Central Bank of Malaysia ;
2 (d) (e) (f) (g) (h) (i) to provide oversight over money and foreign exchange markets; to exercise oversight over payment systems; to promote a sound, progressive and inclusive financial system; to hold and manage the foreign reserves of Malaysia; to promote an exchange rate regime consistent with the fundamentals of the economy; and to act as financial adviser, banker and financial agent of the Government. (3) The Bank shall have all the powers necessary, incidental or ancillary to give effect to its objects and carry out its functions. (4) The Bank in giving effect to its objects and carrying out its functions under this Act shall have regard to the national interest. 2) SECURITY COMMISSION The Security Commission was established on 1 March 1993 and is governed by the Security Commission Act The Security Commission is a self-funding statutory body with investigative and enforcement powers. It reports to the Minister of Finance and its accounts are tabled in Parliament annually. The functions of the Commission is written in section 15 of teh Security Commission Act 1993 as follows; (a) (b) (c) (d) (e) (f) (g) (h) (i) to advise the Minister on all matters relating to securities and futures industries; to regulate all matters relating to securities and futures contracts; to ensure that the provisions of the securities laws are complied with; to regulate the take-overs and mergers of companies; to regulate all matters relating to unit trust schemes; to be responsible for supervising and monitoring the activities of any exchange holding company, exchange, clearing house and central depository; to take all reasonable measures to maintain the confidence of investors in the securities and futures markets by ensuring adequate protection for such investors; to promote and encourage proper conduct amongst participating organisations, participants, affiliates, depository participants and all licensed or registered persons of an exchange, clearing house and central depository, as the case may be; to suppress illegal, dishonourable and improper practices in dealings in securities and trading in futures contracts, and the provision of investment advice or other services relating to securities or futures contracts;
3 (j) (k) (l) (m) (n) to consider and make recommendations for the reform of the law relating to securities and futures contracts; to encourage and promote the development of securities and futures markets in Malaysia including research and training in connection thereto; to encourage and promote self-regulation by professional associations or market bodies in the securities and futures industries; to license and supervise all licensed persons as may be provided for under any securities law; to promote and maintain the integrity of all licensed persons in the securities and futures industries. (3) The Commission shall have the functions and powers conferred upon it by or under the securities laws. (4) Nothing in paragraph (1)(l) shall limit or otherwise affect the functions of the Commission. (5) For the purposes of this section, "depository participants" means persons to whom section 9 of the Securities Industry (Central Depositories) Act 1991 apply. Underpinning all these functions is the SC's ultimate responsibility of protecting the investor. Apart from discharging its regulatory functions, the SC is also obliged by statute to encourage and promote the development of the securities and futures markets in Malaysia. Section 3 of the Security Commission Act 1993 states the establishment of the Commission as a body corporate by the name of "Securities Commission" with perpetual succession and a common seal, and which may sue and be sued in its corporate name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property or any interest vested in the Commission upon such terms as it deems fit. The membership of the Commission is spelt out clearly in section 4 consist of the following members who shall be appointed by the Minister: (a) a Chairman, who shall be an Executive Chairman; (aa) a Deputy Chief Executive; (b) four members representing the Government; and (c) three other persons.
4 (2) The Chairman shall be entrusted with the day-to-day administration of the Commission. (3) In the event of the Chairman being absent or unable to act due to illness or any other cause, the Deputy Chief Executive shall carry out the functions of the Chairman. 3) LABUAN OFFSHORE FINANCIAL SERVICES AUTHORITY Labuan was designated the country s offshore financial centre in 1990 with Labuan Offshore Financial Services Authority (LOFSA) being formed in 1996 as the regulator of the jurisdiction. Section 3 writes on the Authority and its objectives of it s formation established as a corporate body by the name of "Labuan Offshore Financial Services Authority" with perpetual succession and a common seal, which may sue and be sued in its name and, subject to and for the purposes of this Act, may enter into contracts and may acquire, purchase, take, hold and enjoy movable and immovable property of every description and may convey, assign, surrender, yield up, charge, mortgage, demise, reassign, transfer or otherwise dispose of, or deal with, any movable or immovable property or any interest therein vested in the Authority upon such terms as it deems fit. Section 3(2) spells out the objectives of the Authority are-(a) to promote and develop Labuan as a centre for offshore financial services; (b) to develop national objectives, policies and priorities for the orderly development and administration of offshore financial services in Labuan, and to make recommendations to the Minister in respect thereof. Section 5 states about the Membership of the Authority shall consist of the following members who shall be appointed by the Minister: (a) a Chairman; (b) (c) the Director General; and not less than three and not more than seven other persons, two of whom shall be from the public sector. (2) The members appointed under paragraph (1)(c) shall be from amongst persons who possess relevant experience in financial, commercial or legal matters. (3) The Director General shall be the chief executive officer of the Authority and shall be entrusted with the day-to-day administration of the Authority.
5 (4) In the event of the Director General being absent or unable to act due to illness or any other cause, the Chairman shall appoint any member of the Authority to carry out the functions of the Director General. There are other related laws enacted for Labuan offshore business such as for Banking and Financial Services: i) Offshore Banking Act 1990 (OBA) ii) Offshore Insurance Act 1990 (OIA) iii) Labuan Offshore Securities Industry Act (LOSIA) iv) Labuan Offshore Financial Services Authority Act 1996 v) Labuan Offshore Business Activity Tax Act 1990 For formation of Labuan Companies in Labuan IBFC: vi) Offshore Companies Act 1990 (OCA) vii) Labuan Offshore Limited Partnership Act 1997 (LOLPA) viii) Labuan Offshore Trust Act 1996 ix) Labuan Trust Companies Act 1990 DIVISION OF ISLAMIC FINANCE
6 ISLAMIC BANKING The first Act enacted to facilitate the infrastructure of Islamic banking in Malaysia was the introduction of the Islamic Banking Act 1983 (Act 276) IBA, i.e. to govern the operations of Islamic bank(s) in Malaysia which came into force on 7 April Since it inception, it has been amended for six times in order to suit the need and growth of the industry 2. Islamic banks in Malaysia and it s activities are regulated under the Bank Negara and governed by Islamic Banking Act Islamic bank means any company which carries on Islamic banking business and holds a valid licence; and all the offices and branches in Malaysia of such a bank shall be deemed to be one bank; Islamic banking business means banking business whose aims and operations do not involve any element which is not approved by the Religion of Islam; This Act which came into force on 7th April 1983 was enacted to provide for the licensing and regulation of Islamic banking business in Malaysia which is banking business whose aims and operation do not involve any elements which is not approved by the religion of Islam. the Exchange Control Act 1953 was first enacted in Section 3(1) of the Act states that Bank Negara Malaysia shall be responsible for administering, enforcing, carrying out, and giving effect to, the provisions of this Act and the Governor of Bank Negara Malaysia shall be the Controller of Foreign Exchange for the purposes of this Act and shall exercise, discharge, and perform on behalf of Bank Negara Malaysia, the powers, duties and functions conferred on the Controller under this Act. This Act is to confer powers, and impose duties and restrictions in relation to gold, currency, payments, securities, debts, and the import, export, transfer and settlement of property, and for purposes connected with the matters aforesaid. Central Bank of Malaysia acts as an agent of the Government on exchange control matters and administers the Exchange Control Act 1953, with the Governor as the Controller of Foreign Exchange. TAKAFUL The Takaful Act 1984 ('TA') was later on enacted to allow the licensing and operation of Islamic insurance or takaful companies in Malaysia. Takaful businesses in Malaysia are regulated by the Takaful Act This Act which came into force on 1st January 1985 was enacted to provide for the regulation of 2 See Islamic Banking Act 1983( ACT 276 )Date of coming into force: 7 April 1983 ISLAMIC BANKING (Amendment) ACT 2002 ( ACT A114),ISLAMIC BANKING (AMENDMENT) ACT 2003( ACT A1214) In force from: 1 January 2004, In force from: 1 March 2002 [PU(B) 69/2002]Islamic Banking (Amendment) ACT 1985 A634 Date of coming into force: 10 January 1986 Islamic Banking (Amendment) Act 2007 ( ACT A1307, In force from:. 31 July 2007 [P.U.(B) 286/2007]
7 takaful business in Malaysia and for other purposes relating to or connected with takaful. The Takaful Act 1984 is governed by the Central Bank of Malaysia. Section define Takaful as a scheme based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose ISLAMIC CAPITAL MARKET The Capital Markets and Services Act 2007 is governed by the Securities Commission Malaysia. The practice of Capital Market and Islamic capital market in Malaysia are governed by The Capital Markets and Services Act 2007 (CMSA). The Act incorporates three key legislation on the capital market that are the Securities Industry Act 1983, Futures Industry Act 1993 and Part IV of the Securities Commission Act This is an Act to regulate and to provide for matters relating to the activities, markets and intermediaries in the capital markets, and for matters consequential and incidental thereto.
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