Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XII · General
131. Syariah Adviser for Labuan Islamic trusts, Labuan Islamic foundation, Labuan Islamic limited partnership or Labuan Islamic limited liability partnership
Feedback & supportThe trustee of a Labuan Islamic trust under this Act shall appoint a qualified person as a Syariah adviser, or consult a qualified person, to advise such trustee on the management and operations of the Labuan Islamic trust and ensure compliance with Syariah principles.
The partners of a Labuan Islamic limited partnership or a Labuan Islamic limited liability partnership under this Act shall appoint a qualified person as a Syariah adviser, or consult a qualified person, who shall advise the Labuan Islamic limited partnership or the Labuan Islamic limited liability partnership on the management and operations of the Labuan Islamic limited partnership or the Labuan Islamic limited liability partnership and ensure compliance with Syariah principles.
The officers of a Labuan Islamic foundation under this
Labuan Islamic foundation
“Labuan Islamic foundation” means a foundation established under section 107;
Act shall appoint a qualified person as a Syariah adviser, or consult a qualified person, who shall advise the Labuan Islamic foundation on the management and operations of the Labuan
Islamic foundation and ensure compliance with Syariah principles.
foundation
“foundation” means a foundation established under the Labuan Foundations Act 2010, Part IX or such similar entity established under the laws of any recognized country or jurisdiction notwithstanding any statutory definition to the contrary;
Notwithstanding subsections (1), (2) and (3), the Authority shall reserve the power at any time subsequent to any appointment of a Syariah adviser therein, to require any Labuan Islamic trust, Labuan Islamic limited partnership, Labuan Islamic limited liability partnership or Labuan Islamic foundation, by notification in writing, to replace the Syariah adviser with another qualified person to the satisfaction of the Authority.
Notwithstanding subsections (1), (2), and (3), the Authority may specify that the Syariah adviser of a Labuan Islamic trust,
Labuan Islamic limited partnership, Labuan Islamic limited liability partnership or Labuan Islamic foundation to conduct an internal
Syariah compliance review of the business and operations of such
Labuan Islamic trust, Labuan Islamic limited partnership, Labuan
Islamic limited liability partnership or Labuan Islamic foundation.