Section 56
of Labuan Islamic Financial Services and Securities Act 2010
ActIn forceProvision 56 of 161
Section 56
(1)
No person shall carry on business as an Islamic securities licensee unless that person is a Labuan company who has been granted a licence to act as an Islamic securities licensee under this section.
Labuan Islamic Financial Services and Securities 71
(2)
Notwithstanding subsection (1), the following persons can carry on business as an Islamic securities licensee:
(a)
a person referred to in subsections 55(1) and (2) of the
Labuan Financial Services and Securities Act 2010 and has obtained the prior approval of the Authority; and
(b)
an Islamic bank licensee.