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Application Procedures for Islamic Banking

14 Jun 2013 | Friday

Application Procedures for Islamic Banking

The MIFC Secretariat is the single contact point for an IIB licence. The required application form and documents shall be submitted to the MIFC Secretariat for processing. The MIFC Secretariat shall facilitate the process in acquiring the approval from the relevant authority.

Approval Authority Types of Application Forms Required Documents Required
Minister of Finance, Malaysia IIB Licence Application for International Islamic Bank Licence
  • Business plan
  • Memorandum of undertaking by parent company/head office
  • Board of directors' resolution
  • Audited financial statements
  • Other documents as advised in the Form

 
Upon obtaining approval for IIB licence, the incorporation of the IIB falls under the purview of the Companies Commission of Malaysia (CCM).
 
Immigration and Tax
 
The MIFC Secretariat will facilitate the IIB and ITO applicants on immigration, tax and FIC-related matters. The required forms and documents shall be submitted to enable the MIFC Secretariat liaise with and/or notify the respective authorities. The required forms can be downloaded from the link 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)
  • Cover letter from the financial institution
  • Resume
  • Employment contract
  • Passport
  • Other documents as advised

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