Section 38
Power to grant or refuse registration of Islamic public fund
of Labuan Islamic Financial Services and Securities Act 2010
The Authority may grant or refuse to grant—
(a)
registration of an Islamic public fund; or
(b)
provisional acceptance of a proposed Islamic public fund.
(2)
A grant under subsection (1) may be made subject to any terms, conditions, limitations or restrictions by the Authority.
(3)
A provisional acceptance granted under paragraph (1)(b)
shall be valid and effective for a period not exceeding six months from the date on which it is granted.
(4)
A provisional acceptance may be renewed for a period not exceeding three months upon application being made to the
Authority and accompanied by such documents or information as the Authority may require.
(5)
Notwithstanding the grant of a provisional acceptance under paragraph (1)(b) to a proposed Islamic public fund, the Authority may grant registration to such a proposed Islamic public fund as an Islamic public fund under paragraph (1)(a).
Act 705