Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XII · General
129. Additional licensing requirements of Islamic bank licensees and takaful licensees
Feedback & supportThe Authority shall not approve an application for an Islamic banking or takaful licence by any applicant under this Act unless it is satisfied that—
the aims and operations of the business which such applicant desires to carry on will not involve any element which is not in compliance with Syariah principles; and
there are, in the articles of association of such applicant, provisions for the establishment of an internal Syariah advisory board to advise such applicant on the operations of its business in order to ensure that its operations do not involve any element which is not in compliance with Syariah principles.
establishment
“establishment”, in relation to— (a) a company, means incorporation; (b) a statutory body, means the coming into existence under the law establishing, appointing or constituting it; (c) co-operative society, means registration, incorporation or otherwise the coming into legal existence as a co-operative society; *NOTE—The Companies Act 1965 has since been repealed by the Companies Act 2016 which comes into operation on 31 January 2017—see subsection 620(1)…