Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VI · Labuan Islamic Banking
68. Requirement to use, and restriction on use of, the words “Labuan Islamic bank”, etc.
Feedback & supportAn Islamic bank licensee shall at all times affix or paint, and keep affixed or painted, in a prominent position on the outside of each of its offices and so as to be easily legible, its name, licence number and the words “Labuan Islamic bank”
Islamic bank licensee
“Islamic bank licensee” means a Labuan Islamic bank and a Labuan Islamic investment bank;
or “Labuan Islamic investment bank”, as the case may be.
Labuan Islamic investment bank
“Labuan Islamic investment bank” means a person who is licensed to carry on Labuan Islamic investment banking business under Part VI;
An Islamic bank licensee shall, in any bill-head, printed form, letter paper, notice, advertisement, or any other document issued from its office and in the course of its business, prominently print its name, licence number and the words “Labuan Islamic bank” or “Labuan Islamic investment bank”, as the case may be.
Labuan Islamic bank
“Labuan Islamic bank” means a person who is licensed to carry on Labuan Islamic banking business under Part VI;
No person, not being an Islamic bank licencee, shall, without the written consent of the Authority, assume or use the words “Labuan Islamic bank”, “Labuan Islamic investment bank”
or any derivative of such words in any language capable of being
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construed as indicating the carrying on of Labuan Islamic banking business or Labuan Islamic investment banking business by such person.
Labuan Islamic banking business
“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);
Any person who contravenes subsection (3) commits an offence and shall, on conviction, be liable to a fine not exceeding ten million ringgit or to imprisonment for a term not exceeding five years or to both, and in the case of a continuing offence, shall in addition, be liable to a daily fine not exceeding ten thousand ringgit for each day the offence continues to be committed.