Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part XII · General
161. Savings and transitional
Feedback & supportAll regulations, orders, directions, notifications, exemptions and other subsidiary legislation, howsoever called, and all approvals, directions, decisions, notifications, exemptions and other executive acts, howsoever called, made, given or done, under or in accordance with, or by virtue of any law relating to
Islamic financial services in Labuan before the commencement of this Act shall be deemed to have been made, given, or done under, or in accordance with, or by virtue of, the corresponding provisions of this Act, and shall continue to remain in full force and effect in relation to the persons to whom they applied until amended, repealed, rescinded, revoked or replaced under, in accordance with or by virtue of, the corresponding provisions of this Act.
Every direction, notice, guideline or circular issued by the Authority or the Minister under any law relating to Islamic financial services in Labuan before the commencement of this Act and in force immediately before the commencement of this Act, shall be deemed to have been lawfully issued under this Act in relation to the particular provision of this Act corresponding to the matter deal with in the direction, notice, guideline or circular and shall remain in full force and effect until it is amended, rescinded or repealed under this Act.
Any application for an approval or consent, or for any other purpose whatsoever, or any appeal relating to such application, made by any person to the Minister or to the Authority under any law relating to Islamic financial services in Labuan before the commencement of this Act, and pending immediately before the commencement of this Act, shall, if there is a corresponding provision in this Act, be dealt with as if it was made under that provision and, if there is no such corresponding provision in this
Act, such application or appeal shall lapse on the commencement of this Act.
All transactions or dealings lawfully executed or entered into, and all business lawfully done, under or in accordance with any written law relating to Islamic financial services in Labuan before the commencement of this Act by a person who is approved or registered under any written law relating to Islamic financial services in Labuan before the commencement of this Act, with any other person, shall be deemed to have been lawfully and validly executed, entered into, or done, under and in accordance with this Act, and accordingly, any right or liability under such transactions or dealings, immediately before the commencement of this Act, shall be deemed to continue to be lawful and valid under this Act.
All legal proceedings, whether civil or criminal and agreements, contracts or any other legal binding arrangements made by the Authority, before the commencement of the Labuan
Financial Services Authority (Amendment) Act 2008 [Act A1337], shall be deemed to have been made by the Authority.
For the avoidance of doubt, the change of name of the
Authority shall not affect the identity of the Authority or any rights or obligations of the Authority or render defective any proceedings by or against the Authority, and any legal proceedings that might have been continued or commenced by or against the
Authority by the former name may be continued or commenced by or against the Authority by its new name.
The existing Syariah Advisory Council of the Authority which was appointed by the Authority is deemed to have been validly appointed and shall continue to perform the functions for which it was appointed until a Syariah Supervisory Council is appointed in accordance with section 7.
Any guideline, direction, directive, advisory, notice or circular issued or any act or thing done by the Authority in relation to
Labuan Islamic banking business, Labuan takaful business or any other business which is in compliance with Syariah principles and is supervised and regulated by the Authority is deemed to have been validly issued or done.
Labuan Islamic banking business
“Labuan Islamic banking business” means— (a) the business of receiving deposits on current account, deposit account, savings account or any other account in compliance with Syariah principles as may be specified by the Authority; (b) Labuan Islamic investment banking business; (c) Labuan Islamic financial business; or (d) such other business as the Authority, with the approval of the Minister, may specify, in any currency (including ringgit where permitted by the *Exchange Control Act 1953 or such other relevant law in force);
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