Section 146
Non-application of certain laws
of Labuan Islamic Financial Services and Securities Act 2010
ActIn forceProvision 146 of 161
Section 146
(1)
No Islamic bank licensee shall, in respect of any business carried on by such licensee, be subjected to any of the provisions of the Banking and Financial Institutions Act 1989
and the Islamic Banking Act 1983.
(2)
No takaful licensee shall, in respect of any business carried on by such licensee under Part VII, be subjected to any of the provisions of the *Insurance Act 1996 [Act 553] and the **Takaful
Act 1984.