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 |
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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) |
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 |