Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part IV · Islamic Mutual Funds
33. Notification by Islamic private fund
Feedback & supportAn Islamic private fund shall be entitled to carry on business, arrange or administer its affairs in Labuan by giving notice in writing to the Authority setting out the details of the scope and nature of its business.
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;