Malaysia legislation
Section 50
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 50
(2)
No person shall carry on business as a custodian of an
Islamic public fund unless that person is a bank licensee, an
Islamic bank licensee, or a Labuan trust company, provided that the bank licensee shall obtain the prior approval of the Authority.
(3)
This section does not apply to a person who is and continues to be a qualified and authorized trustee or custodian of Islamic public funds under the laws of any recognized country or jurisdiction and has received written permission from the Authority to carry on business as a trustee or custodian of an Islamic public fund.
Duties of a trustee or custodian and director under applicable law