Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 5
50. Eligibility of a trustee or custodian of an Islamic public fund
Feedback & supportNo person shall carry on business as a trustee of an
Islamic public fund unless that person is a Labuan trust company.
Islamic public fund
“Islamic public fund” means an Islamic mutual fund other than an Islamic private fund;
No person shall carry on business as a custodian of an
custodian
“custodian” means a person who is entrusted by an Islamic mutual fund with custody of the property of the fund pursuant to an agreement to that effect;
Islamic public fund unless that person is a bank licensee, an
bank licensee
“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI of the Labuan Financial Services and Securities Act 2010;
Islamic bank licensee, or a Labuan trust company, provided that the bank licensee shall obtain the prior approval of the Authority.
Islamic bank licensee
“Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;
This section does not apply to a person who is and continues to be a qualified and authorized trustee or custodian of Islamic public funds under the laws of any recognized country or jurisdiction and has received written permission from the Authority to carry on business as a trustee or custodian of an Islamic public fund.