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Friday, 3 July 2009

Bank Negara Malaysia Bill 2009 Approved - decisions made by the National Syariah Advisory Council would be binding on the court

KUALA LUMPUR, July 1 – The Dewan Rakyat (Parliament of Malaysia) today approved the Bank Negara Malaysia Bill 2009 in a relatively incident-free session unlike during the deliberation of several bills before it which saw intense debate among the members.

The two-day debate on the bill went on smoothly, with issues like credit reference companies such as Credit Tips Off Sdn Bhd, illegal money lending activities or “ah long”, Islamic finance, insurance and credit cards taking centre stage.

On credit reference companies, Deputy Finance Minister Datuk Ahmad Husni Hanadzlah said the government would table the Credit Reference Agency Bill in the next Dewan Rakyat sitting to tighten the monitoring of companies providing the service.

On Islamic finance, Ahmad Husni said, the Bank Negara Malaysia Bill 2009 would provide the necessary recognition to the sector.

Under the bill, he said, the decision made by the Islamic Finance Syariah Advisory Council would be binding on the court which referred to the council matters pertaining to Islamic financial system.

“We will also continue to promote the Islamic finance sector abroad,” he said when winding up the debate on the bill today.

On third party insurance for motor vehicles, Ahmad Husni said, those who bought the coverage should not be forced to buy personal insurance.

The bill, among other things, seeks to define Bank Negara’s mandate and functions in line with the current economic and financial situation.

Among the mandates spelled out in the Act are to encourage fiscal stability and spur the country’s economy. The sitting continues tomorrow. – Bernama

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