Malaysia legislation
Section 125
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 125
(a)
give the licensed entity notice in writing of the grounds on which it intends to do so;
(b)
afford the licensed entity opportunity to make written representations to it within a period of thirty days after receipt of the notice; and
(c)
take such representations into consideration.
(2)
Where the Authority revokes any licence or registration under section 124, the Authority shall give notice in writing to the licensed entity of such revocation and the revocation shall take effect on the date specified in the notice.
Act 705
(3)
Where the revocation is of a takaful licence or an Islamic bank licence, the Authority shall, as soon as practicable, publish in one widely circulated Malaysian newspaper and one international financial newspaper a notice of every revocation of a takaful licence or an Islamic bank licence, as the case may be, under this section but any delay in publishing such notice or failure to publish such notice shall not in any manner affect the validity of such revocation.
Surrender of licence