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Framework
Application Procedures for an International Takaful Operator

The MIFC Secretariat is the single point of contact for ITO licences.
 
The required application form and documents shall be submitted to the MIFC Secretariat to be processed. The MIFC Secretariat will facilitate the process of acquiring approval from the relevant authority.

 

Approval Authority

Types of Application

Forms Required

Documents Required

Bank Negara Malaysia

ITO Licence

Application for International Takaful Operator Licence

1. Business plan
2. Memorandum of Undertaking by parent company/head office
3. Board of Directors' resolution
4. Audited financial statements
5. Other documents as advised in the Form

 
Upon obtaining approval for  an ITO licence, the ITO will be incorporated under the purview of the 'Companies Commission of Malaysia' (CCM).

 
Immigration, Tax and Foreign Equity Ownership
 
The MIFC Secretariat will facilitate the ITO applicants on matters pertaining immigration, tax and foreign equity ownership-related matters. The required forms and documents shall be submitted to enable the MIFC Secretariat to liaise with and/or notify the respective authorities. The relevants forms can be downloaded through the links below.

 

Approval Authority

Types of Application

Forms Required

Documents Required

Immigration Department of Malaysia

Immigration related matters (employment pass, visa approval, etc)

Application Form for Appointment of Expatriate Officer
and
Pass Application Form (
Form DP11)

1. Cover letter from the financial institution
2. Resume
3. Employment contract
4. Passport
5. Other documents as advised
6. Documents for immigration related matters

Inland Revenue Board (IRB)

Tax exemption or deduction granted through the MIFC initiative

 

Application letter with details on income / expenses for tax exemption / deduction

 
With regards to FIC applications, the MIFC Secretariat does not process the application but serves as a reference point for FIC-related matters.