Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part IV · Islamic Mutual Funds
32. Intepretation
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“investor” means a person, including a custodian and an underwriter, who is the owner of securities issued by an Islamic mutual fund but does not include a person who only takes the initiative in forming or organizing the business of the Islamic mutual fund and does not have any ownership in the fund;
custodian
“custodian” means a person who is entrusted by an Islamic mutual fund with custody of the property of the fund pursuant to an agreement to that effect;
“operator”, in respect of an Islamic mutual fund, means—
Islamic mutual fund
“Islamic mutual fund” or “Islamic fund” means a mutual fund or fund which is established expressly with a view that the aims and operations of such fund shall be in compliance with Syariah principles;
where the Islamic mutual fund is a corporation, a director of that corporation;
corporation
“corporation” means a body corporate formed or incorporated or existing within Malaysia or outside Malaysia and includes any foreign Labuan company but does not include— (a) a corporation sole; (b) a trade union registered under any written law as a trade union; or (c) a society registered under any written law as a co-operative society;
where the Islamic mutual fund is a limited partnership, a general partner in that limited partnership;
where the Islamic mutual fund is a limited liability partnership, the designated partner in that limited liability partnership; or
where the Islamic mutual fund is a unit trust, a trustee of that trust;
“promoter” means a person acting alone or in conjunction with others directly or indirectly who takes the initiative in forming or organizing the business of an Islamic mutual fund, but does not include a custodian or an underwriter who receives underwriting commission without taking part in the founding or organizing of the Islamic mutual fund business;
promoter
“promoter”, in relation to a prospectus issued by or in connection with a Labuan company, means a promoter of the company who was a party to the preparation of the prospectus or any relevant portion thereof, but does not include any person by reason only of his acting in a professional or advisory capacity;
“registered Islamic public fund” means an Islamic public fund registered under section 38;
Islamic public fund
“Islamic public fund” means an Islamic mutual fund other than an Islamic private fund;
“shares” means one or more of the shares in the share capital of an Islamic mutual fund company including, in the case of a company limited by guarantee, the interest of a member of such company and includes an interest in an Islamic mutual fund partnership and a unit in an Islamic mutual fund unit trust.
Islamic private fund
Islamic private fund
“Islamic private fund” means an Islamic mutual fund— (a) whose securities are owned or held by— (i) not more than fifty investors where the first time investment of each of such investors is not less than two hundred and fifty thousand ringgit or such other sum as may be prescribed by the Authority or the equivalent in any foreign currency; or (ii) any number of investors where the first time investment of each of such investors is not less than five hundred thousand ringgit or such other sum as may be prescribed by the Authority or the equivalent in any foreign currency; or (b) which is designated as an Islamic private fund under regulations made by the Minister, and which is established expressly with a view that the aims and operations of such fund shall be in compliance with Syariah principles;