64. Application for licence to carry on Labuan Islamic investment banking business

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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• Labuan Islamic banking business

  Labuan Islamic banking business

  Defined · s 60

  “Labuan Islamic banking business” means— (a) the business of receiving deposits on current account, deposit account, savings account or any other account in compliance with Syariah principles as may be specified by the Authority; (b) Labuan Islamic investment banking business; (c) Labuan Islamic financial business; or (d) such other business as the Authority, with the approval of the Minister, may specify, in any currency (including ringgit where permitted by the *Exchange Control Act 1953 or such other relevant law in force);

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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as the Authority, with the approval of the Minister, may specify, *NOTE—The Exchange Control Act 1953 has since been repealed by the Financial Services Act 2013 which comes into operation on 30 June 2013—see sections 271 and 272…

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