Malaysia legislation
Section 129
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 129
The Authority shall not approve an application for an Islamic banking or takaful licence by any applicant under this Act unless it is satisfied that—
(a)
the aims and operations of the business which such applicant desires to carry on will not involve any element which is not in compliance with Syariah principles; and
(b)
there are, in the articles of association of such applicant, provisions for the establishment of an internal Syariah advisory board to advise such applicant on the operations of its business in order to ensure that its operations do not involve any element which is not in compliance with Syariah principles.
Establishment of internal Syariah advisory board for Islamic securities licensees and fund manager