Malaysia legislation
Section 144
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 144
(a)
the Labuan Companies Act 1990 shall apply to—
(i)
an Islamic bank licensee under this Part which is not a Malaysian Islamic bank licensee; and
(ii)
a takaful licensee which is a Labuan company or a foreign Labuan company; and
(b)
the *Companies Act 1965 shall apply to—
(i)
a Malaysian Islamic bank licensee which is an office of a Malaysian bank established under that Act; and
(ii)
a takaful licensee which is a branch of a Malaysian takaful operator.
*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017—see subsection 620(1) of Act 777.
Act 705
(2)
Where there is any conflict or inconsistency between the provisions of this Act and the Acts referred to in subsection (1)
in their respective application to the respective licensed entity, the provisions of this Act shall prevail.
(3)
Where any difficulty or doubt arises in the application of subsection (1) in relation to any particular licensee, or any particular matter or circumstances, or generally, the Authority may resolve the same by a direction in writing.
Application of Labuan Financial Services Authority Act 1996