Citation and Commencement

  1. (1) These regulations may be cited as the International Islamic Liquidity Management Corporation (Privileges and Immunities) Regulations 2012.
    (2) These Regulations are deemed to have come into operation on 25 October 2010 except for subparagraph 3(b)(ii), paragraphs 4(2)(d) and 7(2)(d).

Interpretation

  1. For the purposes of regulations 7 and 9, “officer” means an officer at the rank of executive level and above.

Privileges and immunities of the Corporation or a subsidiary

3. The Corporation or a subsidiary conferred with the status of international organization under subsection 6(1) of the Act shall have all the privileges and immunities specified in Schedule 1 to the Act, subject to the following conditions:

  1. this regulation shall not confer upon the Corporation or the subsidiary, as the case may be, the immunity specified in paragraph 1 of Schedule 1 to the Act, in respect of any suit or other legal process arising out of a contract of employment with its employee;
  2. the goods imported or exported under subparagraph 5(a) of Schedule 1 to the Act or locally manufactured goods procured under subparagraph 5(b) of Schedule 1 to the Act or official publications imported or exported under subparagraph 5(c) of Schedule 1 to the Act—
    1. shall be under the name of the Corporation or the subsidiary, as the case may be;
    2. shall not be resold or transferred to another person unless all duties or taxes has been first paid in full by the Corporation or the subsidiary, as the case maybe, to the relevant authorities if the goods are sold to a local purchaser who is not entitled to the same duty and tax exemption; and
    3. shall be included in the inventory list of the Corporation or the subsidiary, as the case may be, for purposes of examination by any relevant authority when necessary.

Privileges and immunities of the chief executive officer of the Corporation

  1. (1) A person who is, or is performing the duties of, the chief executive officer of the Corporation shall have all the privileges and immunities as specified in Part I of Schedule 2 to the Act.
    (2) For the purposes of paragraph 7 Part I of Schedule 2 to the Act, the right to import one motor vehicle shall be subject to the following conditions:
      1. the motor vehicle shall be registered under the name of the chief executive officer of the Corporation;
      2. the motor vehicle shall be used by the chief executive officer of the Corporation;
      3. the motor vehicle may be re-exported by the chief executive officer of the Corporation when his services expire; and
      4. the duties and taxes involved shall be first paid in full if the motor vehicle concerned is sold to a local purchaser who is not entitled to the same duty and tax exemption.
  1. A person who was, or has ceased to perform the duties of, the chief executive officer of the Corporation shall have the immunities as specified in Part II of Schedule 2 to the Act.

Privileges and immunities of representatives of members of the Governing Board and persons accredited to, or attending conferences or meetings convened by, the Corporation as representatives of members of the General Assembly

  1. (1) A person who is a representative of a member of the Governing Board and is performing his duties pursuant to the Articles of Agreement shall have all the privileges and immunities as specified in Part I of Schedule 3 to the Act.
    (2) A person who is accredited to, or is in attendance at an international conference or meeting that is convened by, the Corporation as a representative of a member of the General Assembly shall have all the privileges and immunities as specified in Part I of Schedule 3 to the Act.
    (3) A person who has ceased to be a representative of a member of the Governing Board, or was a 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 shall have the immunities as specified in Part II of Schedule 3 to the Act.

Privileges and immunities of persons serving on the committee of the Corporation

  1. (1) A person who is serving on the committee of the Corporation shall have all the privileges and immunities as specified in Part I of Schedule 4 to the Act.
    (2) A person who was, or has ceased, serving on the committee of the Corporation shall have the immunities as specified in Part II of Schedule 4 to the Act.

Privileges and immunities of officers of the Corporation

  1. (1) An officer of the Corporation shall have all the privileges and immunities as specified in Part I of Schedule 5 to the Act.
    (2) For the purpose of paragraph 7 Part I of Schedule 5 to the Act, the right to import one motor vehicle shall subject to the following conditions:

    1. the motor vehicle shall be registered under the name of the officer of the Corporation;
    2. the motor vehicle shall be used by the officer of the Corporation;
    3. the motor vehicle may be re-exported by the officer of the Corporation when his services expire; and
    4. the duties and taxes involved shall be first paid in full if the motor vehicle concerned is sold to a local purchaser who is not entitled to the same duty and tax exemption.

    3. A person who was, or has ceased to perform the duties of, an officer of the Corporation shall have the immunities as specified in Part II of Schedule 5 to the Act.

Privileges of subsidiaries, special purpose vehicles, trusts or funds of the Corporation, or other persons in relation to Islamic securities issued or guaranteed by the Corporation, subsidiaries, special purpose vehicles or trusts or funds of the Corporation

  1. 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, as the case may be, shall have all the privileges as specified in Part I of Schedule 6 to the Act.

Privileges of officers of subsidiaries, special purpose vehicles or trusts or funds of the Corporation

  1. An officer of a subsidiary, a special purpose vehicle or a trust or fund of the Corporation shall have the privileges as specified in Part II of Schedule 6 to the Act.

Terms:

Important Note Regarding The International Islamic Liquidity Management Corporation Act 2011 (Act 721)
Any print-out from this website is NOT A COPY of the Federal Government Gazette of Malaysia printed by the Government Printer for the purposes of section 61 of the Interpretation Acts 1948 and 1967 [Act 388] of Malaysia and does not constitute prima facie evidence of the contents of the Gazette by virtue of the section.

Authoritative printed copies of the Federal Government Gazette of Malaysia can be obtained from Percetakan Nasional Malaysia Berhad <http://www.printnasional.com.my/pnmb/> .

Privileges and Immunities
Absent express waiver, the IILM, its subsidiaries and their assets are immune from every form of judicial process, and enjoy certain other privileges and immunities pursuant to the laws of Malaysia. All such privileges and immunities are expressly reserved, and nothing on this website constitutes a waiver or limitation of any of them.

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