Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part IV · Islamic Mutual Funds
35. Exclusion of liability for errors or omission in the information memorandum or such other offering document
Feedback & supportWhere an information memorandum or such other offering document is lodged by the Islamic private fund with the Authority under section 34, neither the Authority nor any of its officers or employees shall be liable for any loss or damage suffered by any person or persons by reason of any error, misstatement or omission of whatever nature appearing therein.
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;