Malaysia legislation
Section 67
of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010
Section 67
Grant of licence by the Authority
(2)
Where the Authority rejects the application for a licence under subsection (1), the Authority shall notify the applicant in writing of the rejection.
(3)
Where the Authority approves the application for a licence under subsection (1), the Authority shall issue the licence to the applicant upon the applicant’s satisfaction of any condition imposed under such application for licence.
(4)
A licence granted under this section shall remain in force until it is surrendered or revoked in accordance with the provisions of this Act.
(5)
No applicant shall be granted a licence under this section without the written consent of the Authority if its capital funds are less than ten million ringgit or its equivalent in any foreign currency in cash or such amount as may be specified in writing by the Authority.
(6)
The Authority may, upon consultation with the Minister, by written notice to the Islamic bank licensee, vary the existing terms and conditions or impose such additional terms and conditions, in respect of the licence, from time to time as it deems fit.
Requirement to use, and restriction on use of, the words
“Labuan Islamic bank”, etc.