Malaysia legislation

Section 9

of LABUAN ISLAMIC FINANCIAL SERVICES AND SECURITIES ACT 2010

Section 9

(2)

For the purposes of subsection (1), reference to the Syariah

Supervisory Council shall be made by the Authority, a licensed entity, an entity regulated under this Act or a Syariah-compliant entity in a manner determined by the Authority.

(3)

Any ruling issued by the Syariah Supervisory Council pursuant to a reference under subsection (1) shall be binding on the Authority, such licensed entity, such entity regulated under this Act or such Syariah-compliant entity, as the case may be.

(4)

For the avoidance of doubt, any ruling made by the Syariah

Supervisory Council under subsection (1) pursuant to a reference made by the Authority, a licensed entity, an entity regulated under this Act or a Syariah-compliant entity, shall not be binding on any other licensed entity, entity regulated under this Act or

Syariah-compliant entity unless otherwise adopted by the Authority in a manner it deems fit.

Labuan Islamic Financial Services and Securities 29

(5)

If an advice is given by the Syariah Supervisory Council pursuant to subsection (1), the Authority, such licensed entity, such entity regulated under this Act or such Syariah-compliant entity, as the case may be, shall take into consideration such advice.

(6)

Any reference for a ruling or an advice of the Syariah

Supervisory Council under this Act or any other laws shall be submitted to the Authority.

Appointment of members to the Syariah Supervisory Council