Section 45
of Labuan Islamic Financial Services and Securities Act 2010
Section 45
No person shall carry on business as a fund manager of an Islamic public fund unless that person is—
(a)
a person falling within subsection 40(1) or (2) of the
Labuan Financial Services and Securities Act 2010 and has obtained the prior approval of the Authority; or
(b)
an Islamic bank licensee.
(2)
No person shall carry on business as a fund administrator of an Islamic public fund unless that person is—
(a)
a person falling within subsection 41(1) or (2) of the
Labuan Financial Services and Securities Act 2010 and has obtained the prior approval of the Authority;
(b)
an Islamic bank licensee; or
(c)
an Islamic securities licensee under Part V.
(3)
A fund manager or a fund administrator who is carrying on fund management activities or fund administrator activities respectively in relation to an Islamic private fund only is not required to be licensed under this Part.