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Subsidiary Legislation

Deposit Insurance (Exemption from Scheme Membership) Notification 2008

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The text

reg 1Citation and commencement

This Notification may be cited as the Deposit Insurance (Exemption from Scheme Membership) Notification 2008 and shall come into operation on 15th February 2008.

reg 2Exemption

(1)

The Authority hereby exempts the Islamic Bank of Asia from the requirement under section 5(1) of the Act to be a member of the Deposit Insurance Scheme. (2) The exemption under sub-paragraph (1) is subject to such conditions and restrictions as the Authority may specify in writing to the Islamic Bank of Asia under section 6(5) or (6) of the Act.

Subregulation 1

The Authority hereby exempts the Islamic Bank of Asia from the requirement under section 5(1) of the Act to be a member of the Deposit Insurance Scheme.

Subregulation 2

The exemption under sub-paragraph (1) is subject to such conditions and restrictions as the Authority may specify in writing to the Islamic Bank of Asia under section 6(5) or (6) of the Act.