Islamic Banking Act 1983
E818521
The Islamic Banking Act 1983 was Malaysia’s foundational law governing the establishment, regulation, and operation of Islamic banks and Sharia-compliant banking activities before it was superseded by more comprehensive legislation.
Statements (45)
| Predicate | Object |
|---|---|
| instanceOf |
Islamic finance legislation
ⓘ
Malaysian federal statute ⓘ |
| administeredBy | Bank Negara Malaysia NERFINISHED ⓘ |
| appliesTo | Islamic banks in Malaysia ⓘ |
| basedOnPrinciples | Sharia NERFINISHED ⓘ |
| complianceRequirement | Sharia compliance for licensed Islamic banks ⓘ |
| country | Malaysia ⓘ |
| enactedBy | Parliament of Malaysia NERFINISHED ⓘ |
| foundationFor | development of Islamic banking in Malaysia ⓘ |
| governs | Islamic banking business carried on in Malaysia ⓘ |
| historicalRole | provided the initial legal framework for Islamic banks in Malaysia ⓘ |
| influenced | subsequent Islamic finance legislation in other jurisdictions ⓘ |
| inForceBefore | Islamic Financial Services Act 2013 NERFINISHED ⓘ |
| jurisdiction | Malaysia NERFINISHED ⓘ |
| languageOfText |
English
ⓘ
Malay ⓘ |
| legalSystem | Malaysian law ⓘ |
| legislature |
Dewan Negara
NERFINISHED
ⓘ
Dewan Rakyat NERFINISHED ⓘ |
| notableFor | being Malaysia’s first dedicated Islamic banking law ⓘ |
| policyObjective | to promote a dual banking system in Malaysia ⓘ |
| purpose |
to ensure Sharia-compliant banking activities in Malaysia
ⓘ
to govern the establishment and operation of Islamic banks ⓘ to provide for the licensing and regulation of Islamic banking business ⓘ |
| region | Southeast Asia ⓘ |
| regulates |
Sharia-compliant deposit-taking
ⓘ
Sharia-compliant financing activities ⓘ licensing of Islamic banks ⓘ prudential requirements for Islamic banks ⓘ supervision of Islamic banking business ⓘ |
| regulatorEmpowered | Bank Negara Malaysia NERFINISHED ⓘ |
| relatedField | conventional banking law in Malaysia ⓘ |
| relatedInstrument | Banking and Financial Institutions Act 1989 NERFINISHED ⓘ |
| repealed | true ⓘ |
| repealedBy | Islamic Financial Services Act 2013 NERFINISHED ⓘ |
| sector |
Islamic finance
ⓘ
banking ⓘ |
| shortName | IBA 1983 NERFINISHED ⓘ |
| status | superseded ⓘ |
| subjectMatter |
Islamic banking
NERFINISHED
ⓘ
Sharia-compliant banking ⓘ financial regulation ⓘ |
| supersededBy |
Financial Services Act 2013
NERFINISHED
ⓘ
Islamic Financial Services Act 2013 NERFINISHED ⓘ |
| typeOfRegulation | sector-specific banking regulation ⓘ |
Referenced by (1)
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