Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 4
45. Fund manager or fund administrator of an Islamic public fund
Feedback & supportNo person shall carry on business as a fund manager of an Islamic public fund unless that person is—
fund manager
“fund manager” means a person who, for valuable consideration, provides management services alone or with investment advice or administrative services in respect of securities for the purposes of investment, including dealing in securities or such other activity as may be specified by the Authority;
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
an Islamic bank licensee.
No person shall carry on business as a fund administrator of an Islamic public fund unless that person is—
fund administrator
“fund administrator” means a person who, for valuable consideration, provides an Islamic mutual fund with administrative services or facilities alone or with accounting services;
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;
an Islamic bank licensee; or
an Islamic securities licensee under Part V.
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.
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;