62. Labuan Islamic investment banking business to be carried on only under licence

Terms defined in this Act

• Authority

  Authority

  Defined · s 2

  “Authority” means the Labuan Financial Services Authority established under section 3 of the Labuan Financial Services Authority Act 1996;

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• bank licensee

  bank licensee

  Defined · s 2

  “bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI of the Labuan Financial Services and Securities Act 2010;

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• established

  established

  Defined · s 2

  “established”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the third column of the First Schedule as against such person;

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• foreign Labuan company

  foreign Labuan company

  Defined · s 2

  “foreign Labuan company” means a foreign company registered under Part VIII of the Labuan Companies Act 1990;

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• Labuan company

  Labuan company

  Defined · s 2

  “Labuan company” has the meaning assigned to it in the Labuan Companies Act 1990;

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• Labuan Islamic investment banking business

  Labuan Islamic investment banking business

  Defined · s 60

  “Labuan Islamic investment banking business” means any of the following business: (a) providing financing facilities in compliance with Syariah principles; (b) providing consultancy and advisory services relating to corporate and investment matters, including dealing in securities, or making and managing investments, on behalf of any person, in compliance with Syariah principles; (c) undertaking foreign exchange transactions, profit rate swaps, dealings in Islamic derivative instruments or Islamic derivative financial instruments which are in compliance with Syariah principles or any other similar risk management activities; (d) Labuan Islamic financial business; or (e) such other business as the Authority, with the approval of the Minister, may specify, *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…

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