Section 161

Every direction, notice, guideline or circular issued by the Authority or the Minister under any law relating to Islamic financial services in Labuan before the commencement of this Act and in force immediately before the commencement of this Act, shall be deemed to have been lawfully issued under this Act in relation to the particular provision of this Act corresponding to the matter deal with in the direction, notice, guideline or circular and shall remain in full force and effect until it is amended, rescinded or repealed under this Act.

Any application for an approval or consent, or for any other purpose whatsoever, or any appeal relating to such application, made by any person to the Minister or to the Authority under any law relating to Islamic financial services in Labuan before the commencement of this Act, and pending immediately before the commencement of this Act, shall, if there is a corresponding provision in this Act, be dealt with as if it was made under that provision and, if there is no such corresponding provision in this

Act, such application or appeal shall lapse on the commencement of this Act.

Act 705

All transactions or dealings lawfully executed or entered into, and all business lawfully done, under or in accordance with any written law relating to Islamic financial services in Labuan before the commencement of this Act by a person who is approved or registered under any written law relating to Islamic financial services in Labuan before the commencement of this Act, with any other person, shall be deemed to have been lawfully and validly executed, entered into, or done, under and in accordance with this Act, and accordingly, any right or liability under such transactions or dealings, immediately before the commencement of this Act, shall be deemed to continue to be lawful and valid under this Act.

All legal proceedings, whether civil or criminal and agreements, contracts or any other legal binding arrangements made by the Authority, before the commencement of the Labuan

Financial Services Authority (Amendment) Act 2008 [Act A1337], shall be deemed to have been made by the Authority.

For the avoidance of doubt, the change of name of the

Authority shall not affect the identity of the Authority or any rights or obligations of the Authority or render defective any proceedings by or against the Authority, and any legal proceedings that might have been continued or commenced by or against the

Authority by the former name may be continued or commenced by or against the Authority by its new name.

The existing Syariah Advisory Council of the Authority which was appointed by the Authority is deemed to have been validly appointed and shall continue to perform the functions for which it was appointed until a Syariah Supervisory Council is appointed in accordance with section 7.

Any guideline, direction, directive, advisory, notice or circular issued or any act or thing done by the Authority in relation to

Labuan Islamic banking business, Labuan takaful business or any other business which is in compliance with Syariah principles and is supervised and regulated by the Authority is deemed to have been validly issued or done.

Labuan Islamic Financial Services and Securities 155

First Schedule

[subsection 2(1); definition of “director”]

First Column

(person)

Second Column

(director)

Third Column

(established)

Fourth Column

(participant)

Corporation a person occupying the position of director of the corporation, by whatever name called, and includes a person in accordance with whose directions or instructions the directors of the corporation are accustomed to act and an alternate or substitute director incorporated a shareholder

Co-operative society a member of the board or other governing body, howsoever called, of the co-operative society registered, incorporated or otherwise coming into legal existence as a co-operative society a member

Statutory body a member of the board, committee, council or other governing body, howsoever called, of the statutory body its coming into existence under the law establishing, appointing or constituting it a shareholder or, where the statutory body has no share capital, a person wholly, severally or jointly with other persons owning the statutory body

Act 705

First Column

(person)

Second Column

(director)

Third Column

(established)

Fourth Column

(participant)

Partnership a partner its formation a partner

Limited partnership the general partner (or person holding such similar role)

its formation or where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable a partner

Limited liability partnership the designated partner (or person holding such similar role)

its formation or where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable a limited partner

Sole-proprietorship the sole proprietor where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable the sole proprietor

Labuan Islamic Financial Services and Securities 157

First Column

(person)

Second Column

(director)

Third Column

(established)

Fourth Column

(participant)

Any other body, association or group of persons whether corporated or unincorporated any person having direction or control of the management of its affairs or business where registration or other form of recording or recognition is required before activities or business can lawfully be commenced, its registration, recording or legal recognition under the law applicable a member, howsoever called, of such body, association or group

Second Schedule

[subsection 2(1)]

Recognized Professional Associations in relation to the qualifications of actuaries

The Institute of Actuaries in England

The Faculty of Actuaries in Scotland

The Society of Actuaries in the United States of America

The Canadian Institute of Actuaries

The Australian Institute of Actuaries

Act 705

Third Schedule

[sections 74 and 87]

Financial information, statistics and information to be submitted to the

Authority

Part A: Islamic bank licensee

Every Islamic bank licensee, at such frequency as may be specified by the Authority from time to time, shall submit to the Authority a statement showing the assets and liabilities of the Islamic bank licensee in relation to its Labuan Islamic banking business or Labuan Islamic investment banking business, as the case may be.

A statement to be submitted under subsection (1) shall include—

Notwithstanding paragraph (2), the Authority may publish any consolidated statement, in respect of any category, class or description of Islamic bank licensee as the Authority deems appropriate, aggregating the figures in the returns submitted under paragraph (1):

Provided that nothing in this subsection shall authorize the Authority to designate any particular Islamic bank licensee to constitute a category, class or description of Islamic bank licensee for the purposes of this subsection.

Labuan Islamic Financial Services and Securities 159

Where any person is required by or under this Part to submit, produce or provide to the Authority any information, statistic, return or document, the

Authority may specify that the same shall be submitted, produced or provided in such form and manner and within such period or at such intervals or times, not inconsistent with any provision of this Part or any regulations made under this Act, as the Authority may set out in the specification; and such person shall not submit, produce or provide as true or accurate any information, statistic, return or document which he knows, or has reason to believe, to be false, inaccurate or misleading.

Part B: Takaful licensee

Every Labuan takaful operator shall, within six months after the close of each financial year or such further period as the Authority may approve, submit to the Authority, in respect of its entire Labuan takaful operations, four copies each of its audited annual balance sheet, profit and loss account, revenue account and, in respect of its family takaful business, a report setting out the actuarial valuation of its assets and liabilities as approved in accordance with its constituent documents.

Every Labuan takaful operator shall submit to the Authority four copies each of the documents mentioned in paragraph (1) as approved in accordance with its constituent documents as soon as practicable after such approval.

Every Labuan takaful operator which is a foreign Labuan company shall, in addition to the financial statements which are required to be submitted to the Authority under paragraph (1), also submit each year a certified copy of its latest audited annual balance sheet in respect of its entire operations both in and outside Labuan within three months of its being filed with the regulatory authorities in its country of establishment or origin.

Every licensed Labuan takaful manager, licensed Labuan takaful underwriting manager and licensed Labuan takaful broker shall, within six months after the close of each financial year or such further period as the

Authority may approve, submit to the Authority four copies each of its audited annual balance sheet and profit and loss account.

Notwithstanding any provision in this Act, the Authority may require a takaful licensee to submit to the Authority any document relating to its operation in such manner as may be specified in writing by the Authority.