Malaysia legislation
Section 24
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 24
(a)
a Sukuk constituting a charge on any or all of the assets of the company;
(b)
a Sukuk which may be converted into shares in the company; or
(c)
a secured Sukuk.
(2)
The amounts payable under any Sukuk, whether sealed or signed on behalf of the company, shall be a specialty debt of the company, and where the Sukuk is issued by a branch of a company, it shall be located at that branch.
(3)
The Minister may make regulations—
(a)
restricting the right of a Labuan company or any particular class of Labuan companies to issue Sukuk which may be converted into shares;
(b)
prescribing the terms and conditions or the event or events upon which conversion shall or may take place.
Trustee for Sukuk holders