Section 57. Amendment of Banking Act 1973 [Act 102].
(1) Section 2 of the Banking Act 1973 is amended-
(a) by inserting immediately after the definition of "depositor" the following new definition:
' "Islamic bank" means a bank licensed under the Islamic Banking Act 1983; '; and
(b) by inserting immediately after the words "other licensed bank" in the definitions of "other deposit liabilities", "sight liabilities" and "time liabilities" the words ", any Islamic bank".
(2) Section 9 of the Banking Act 1973 is amended by substituting for paragraph (1)(b) the following:
"(b) no bank shall hereafter be licensed by a name which includes-
(i) any of the words "Central", "Commonwealth", "Federal", "Federation", "Malaysia", "Malaysian", "National", "Reserve", or "State";
(ii) any of the words "Islamic" or "Muslim" or any other words capable of being construed as indicating that the bank carries on Islamic banking business,
either in national language or in English or in any other language." .
(3) Section 59 of the Banking Act 1973 is amended by deleting the word "and" at the end of paragraph (1)(b), substituting a semicolon for the full stop at the end of paragraph (c) of that subsection and inserting immediately thereafter the word "and", and inserting immediately after that paragraph the following new paragraph (d):