Section 8Sec./Art. 8

Transfer and Acquisition of Substantial Shareholdings. No person shall acquire shares in an Islamic bank that will result in ownership or control, directly or indirectly, of more than ten percent (10%) of the voting stock of such Islamic bank, without obtaining the prior approval of the Monetary Board. Prior to the Monetary Board approval, no such transfer or acquisition of shares shall have legal effect nor shall the same be recognized in the stock and transfer books of the Islamic bank or in the records of any government agency.