Section 126

Any Islamic bank licensee or takaful licensee intending to surrender its licence shall seek the prior approval of the Authority.

The Authority shall give its approval if it is satisfied that the Islamic bank licensee or takaful licensee has made adequate provision in respect of all its liabilities, and thereupon shall appoint a date on which the surrender shall take effect.

Where the approval of the Authority has been obtained under subsection (3), the Islamic bank licensee or takaful licensee shall, not later than twenty-one days before the date appointed under subsection (3), publish an advertisement of the proposed surrender of its licence in at least one widely circulated Malaysian newspaper and one international financial newspaper.

The Authority shall, as soon as practicable, publish in the one widely circulated Malaysian newspaper and one international financial newspaper a notice of every surrender of a licence under this section but any delay in publishing such notice or failure to publish such notice shall not in any manner affect the validity of such surrender.

Any Islamic bank licensee or takaful licensee granted a licence under this Act shall surrender its licence by giving fourteen days notice to the Authority prior to such surrender.

Labuan Islamic Financial Services and Securities 129

Consequences of revocation or surrender of licence