Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XII · General
133. External Syariah compliance review
Feedback & supportAn Islamic bank licensee, takaful licensee, Islamic securities licensee and, a fund manager regulated under Part IV may engage, other than its internal Syariah advisory board, a qualified person to conduct an external review of its business and operations at its own discretion for the purpose of determining whether such business and operations are in compliance with
Islamic bank licensee
“Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;
Syariah principles, and such Islamic bank licensee, takaful licensee,
takaful licensee
“takaful licensee” means any person licensed under this Part;
Islamic securities licensee and, fund manager regulated under
Islamic securities licensee
“Islamic securities licensee” means a person, who for valuable consideration, provides investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority, which is in compliance with Syariah principles in Labuan. Islamic securities licensee Islamic securities licensee
Part IV, shall be required to engage such qualified person to conduct such review upon being required to do so by the Authority via a direction to that effect being issued to such Islamic bank licensee, takaful licensee, Islamic securities licensee and fund manager regulated under Part IV.
The Islamic bank licensee, takaful licensee, Islamic securities licensee and fund manager regulated under Part IV, shall submit a report containing the findings of the internal review of the internal Syariah advisory board referred to in subsection (1), as part of the submission of the financial statements of the Islamic bank licensee, takaful licensee, Islamic securities licensee and, fund manager regulated under Part IV, to the Authority under this
fund manager
“fund manager” means a person who, for valuable consideration, provides management services alone or with investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority;
Act or under the relevant Act, as the case may be.