Home/The IILM Act 2011
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.
3. The Corporation is conferred the status of an international organization for the purpose of this Act and shall be governed in accordance with the provisions of the Articles of Agreement.
PRIVILEGES AND IMMUNITIES OF THE CORPORATION OR A SUBSIDIARY
PRIVILEGES AND IMMUNITIES OF A CHIEF EXECUTIVE OFFICER OF THE CORPORATION
PART IIIMMUNITIES 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.
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
PRIVILEGES AND IMMUNITIES OF A PERSON SERVING ON THE COMMITTEE OF THE CORPORATION
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.
PRIVILEGES AND IMMUNITIES OF AN OFFICER OF THE CORPORATION
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.
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
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.
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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