Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part IV · Islamic Mutual Funds
34. Islamic private fund to lodge an information memorandum or such other offering document
Feedback & supportAn Islamic private fund shall lodge the information memorandum or such other offering document relating to the
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;
Islamic private fund purporting to describe the business and affairs of the Islamic private fund with the Authority.
Labuan Islamic Financial Services and Securities 57
The information memorandum or such other offering document referred to in subsection (1) shall be lodged by an
Islamic private fund through any licensed entity which shall be reasonably satisfied that—
the information memorandum or such other offering document being lodged refers to an Islamic private fund as defined under this Act; and
there is no element of fraud involved in the establishment of the Islamic private fund.
An information memorandum or such other offering document lodged by an Islamic private fund shall be deemed to be a prospectus in so far as it relates to the liability of that
Islamic private fund for any statement or information that is false or misleading or from which there is a material omission.
Upon receipt of the information memorandum or such other offering document under subsection (1), the Authority shall enter the particulars of the same in the registers maintained pursuant to Chapter 6 of this Part.