Section 100 of the Financial Services Act (FSA) and section 112 of the Islamic Financial Services Act (IFSA) require the prior written approval of the Bank for transfers of the whole or any part of the business of a licensed person.
The objective of this policy document is to facilitate business expediency while ensuring that business transfer schemes do not adversely affect the safety and soundness of a licensed person. The policy document also requires a licensed person to take appropriate steps to safeguard, where necessary, the rights and interests of any person who is likely to be affected by the schemes.
This policy document outlines–
(a) the types of transfers that require the prior written approval of the Bank1; and
(b) in cases where approval is required, the documents or information to be submitted to the Bank2 together with the application for an approval.
This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking
