Interpretation
In this Act, unless the context otherwise requires—
"this Act” includes any subsidiary legislation made under this Act;
"trust or fund of the Corporation” means a trust or fund established by the Corporation to fulfill its objectives or to carry out any of its functions under the Articles of Agreement;
"Pool of Assets” means the Shariah compliant assets contributed by the asset providers to the Corporation;
"Bank” means Bank Negara Malaysia established under the Central Bank of Malaysia Act 2009 [Act 701];
"national interest” includes security, economic, social and political interests which would be beneficial or is important to Malaysia;
"chief executive officer” means a person by whatever name called who is responsible for the conduct of the business and administration of the Corporation;
"Governing Board” means the Governing Board of the Corporation;
"Corporation” means the International Islamic Liquidity Management Corporation;
"General Assembly” means the General Assembly of the Corporation;
"Articles of Agreement” means the agreement for the establishment of the Corporation and includes any amendment, addition, modification or alteration made from time to time;
"Islamic securities” means any securities issued by the Corporation, a subsidiary, a special purpose vehicle or a trust or fund of the Corporation pursuant to a scheme of financing in accordance with the principles of Shariah approved by the Shariah Committee of the Corporation;
"special purpose vehicle” means a company established solely for the issuance of Islamic securities, by the Corporation or a subsidiary;
"subsidiary” means a subsidiary established by the Corporation to fulfill its objectives or to carry out any of its functions under the Articles of Agreement.
Schedule
SCHEDULE 1
[Paragraph 7(1)(a)]
PRIVILEGES AND IMMUNITIES OF THE CORPORATION OR A SUBSIDIARY
- Immunity from suit and from other legal process in respect of acts and things done in its official capacity.
- Inviolability of property and assets of, or in the custody of, or administered by, the Corporation or a subsidiary, as the case may be, (excluding any property or assets in the Pool of Assets) and of premises of, or occupied by, the Corporation or a subsidiary, as the case may be.
- Inviolability of documents.
- Subject to any written law relating to exchange control, exemption from currency and exchange restrictions.
- Subject to compliance with such conditions as the Minister charged with the responsibility for finance may prescribe for the protection of revenue, exemption from all duties and taxes, including capital gains tax on—
- goods imported or exported by the Corporation or a subsidiary, as the case may be, for its official use;
- locally manufactured goods procured by the Corporation or a subsidiary, as the case may be, for its official use;
- official publications of the Corporation or a subsidiary, as the case may be, imported or exported by it;
- income arising or distributed from the issuance of Islamic securities by the Corporation or a subsidiary, as the case may be;
- any coupon or discount in the form of profit rate, gains, rental payment or by whatever name called, distributed, paid or credited to any person in respect of any Islamic securities issued by the Corporation or a subsidiary, as the case may be; and
- capital gains, reserves or income, either distributed or not, declared by the Corporation or a subsidiary, as the case may be.
- Exemption from income tax, real property gains tax and stamp duties that ordinarily would be payable by the Corporation or a subsidiary, as the case may be.
- Exemption from all taxes on all dealings relating to the sale, purchase, transfer or other disposition or acquisition of movable or immovable property required pursuant to a scheme of financing in accordance with the principles of Shariah approved by the Shariah Committee of the Corporation for the purpose of issuance of Islamic securities by the Corporation or a subsidiary, as the case may be.
- Absence of censorship for official communications.
SCHEDULE 2
[Paragraph 7(1)(b)]
PART I
PRIVILEGES AND IMMUNITIES OF A CHIEF EXECUTIVE OFFICER OF THE CORPORATION
- Immunity from suit and from other legal process in respect of acts and things done in his official capacity.
- Exemption from income tax on official salaries, emoluments, fees and bonuses.
- Exemption (including exemption of spouse and children under the age of twenty-one years) from the application of laws relating to immigration and the registration of aliens.
- Exemption from the obligation to perform national service.
- Subject to any written law relating to exchange control, exemption from currency and exchange restrictions.
- Repatriation facilities (including repatriation facilities for spouse and any dependent relatives) in time of international crisis.
- The right to import furniture and personal effects, including one motor vehicle, free of duties and taxes when first taking up a post in Malaysia and to export furniture and personal effects free of duties and taxes when leaving Malaysia on termination of his functions.
PART II
IMMUNITIES OF A FORMER CHIEF EXECUTIVE OFFICER OF THE CORPORATION
Immunity from suit and from other legal process in respect of acts and things done in his official capacity as a chief executive officer.
SCHEDULE 3
[Paragraph 7(1)(c)]
PART I
PRIVILEGES AND IMMUNITIES OF A REPRESENTATIVE OF A MEMBER OF THE GOVERNING BOARD AND PERSON ACCREDITED TO, OR IS IN ATTENDANCE AT THE CONFERENCE OR MEETING CONVENED BY, THE
CORPORATION AS A REPRESENTATIVE OF A MEMBER OF THE GENERAL ASSEMBLY
- Immunity from personal arrest or detention.
- Immunity from suit and from other legal process in respect of acts and things done in his official capacity as such a member or a representative, as the case may be.
- Inviolability of documents.
- Absence of censorship for official communications.
- Subject to any written law relating to exchange control, exemption from currency and exchange restrictions.
PART II
IMMUNITIES OF A FORMER REPRESENTATIVE OF A MEMBER OF THE GOVERNING BOARD AND PERSON ACCREDITED TO, OR WAS IN ATTENDANCE AT THE CONFERENCE OR MEETING CONVENED BY, THE
CORPORATION AS A REPRESENTATIVE OF A MEMBER OF THE GENERAL ASSEMBLY
Immunity from suit and from other legal process in respect of acts and things done in his official capacity as such a member or representative, as the case may be.
SCHEDULE 4
[Paragraph 7(1)(d)]
PART I
PRIVILEGES AND IMMUNITIES OF A PERSON SERVING ON THE COMMITTEE OF THE CORPORATION
- Immunity from personal arrest or detention.
- Immunity from suit and from other legal process in respect of acts and things done in serving on the committee.
- Inviolability of documents.
- Absence of censorship for official communications.
- Subject to any written law relating to exchange control, exemption from currency and exchange restrictions.
- Exemption from income tax on official salaries, emoluments, fees and bonuses received for serving on the committee.
PART II
IMMUNITIES OF A PERSON WHO HAS SERVED ON THE COMMITTEE OF THE CORPORATION
Immunity from suit and from other legal process in respect of acts and things done in his official capacity as a person serving on the committee.
SCHEDULE 5
[Paragraph 7(1)(e)]
PART I
PRIVILEGES AND IMMUNITIES OF AN OFFICER OF THE CORPORATION
- Immunity from suit and from other legal process in respect of acts and things done in his official capacity.
- Exemption from income tax on official salaries, emoluments, fees and bonuses.
- Exemption (including exemption of spouse and children under the age of twenty-one years) from the application of laws relating to immigration and the registration of aliens.
- Exemption from the obligation to perform national service.
- Subject to any written law relating to exchange control, exemption from currency and exchange restrictions.
- Repatriation facilities (including repatriation facilities for spouse and any dependent relatives) in time of international crisis.
- The right to import furniture and personal effects, including one motor vehicle, free of duties and taxes when first taking up a post in Malaysia and to export furniture and personal effects free of duties and taxes when leaving Malaysia on termination of his functions.
PART II
IMMUNITIES OF A FORMER OFFICER OF THE CORPORATION
Immunity from suit and from other legal process in respect of acts and things done in his official capacity as an officer.
SCHEDULE 6
[Paragraph 7(1)(g)]
PART I
PRIVILEGES OF A SUBSIDIARY, A SPECIAL PURPOSE VEHICLE, A TRUST OR FUND OF THE CORPORATION, OR ANY OTHER PERSON IN RELATION TO ISLAMIC SECURITIES ISSUED OR GUARANTEED BY THE CORPORATION, ASUBSIDIARY, A SPECIAL PURPOSE VEHICLE OR A TRUST OR FUND OF THE CORPORATION
- Exemption from stamp duties that would ordinarily be payable by a subsidiary, a special purpose vehicle, a trust or fund of the Corporation, or any other person in relation to Islamic securities issued or guaranteed by the Corporation, a subsidiary, a special purpose vehicle or a trust or fund of the Corporation.
- Exemption from all taxes—
- on any capital gains, reserves or income, either distributed or not, declared by a subsidiary, a special purpose vehicle or a trust or fund of the Corporation;
- on any coupon or discount, as the case may be, in the form of profit rate, gains, rental payment or by whatever name called, distributed, paid or credited to any person in respect of any Islamic securities issued by a subsidiary, a special purpose vehicle or a trust or fund of the Corporation; and
- on any dealings relating to the sale, purchase, transfer or other disposition or acquisition of movable or immovable property required pursuant to a scheme of financing in accordance with the principles of Shariah approved by the Shariah Committee of the Corporation for the purpose of issuance of Islamic securities by a subsidiary, a special purpose vehicle or a trust or fund of the Corporation.
PART II
PRIVILEGES OF AN OFFICER OF A SUBSIDIARY, A SPECIAL PURPOSE VEHICLE
OR A TRUST OR FUND OF THE CORPORATION
Exemption from income tax on official salaries, emoluments, fees and bonuses.