Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VII · Labuan Takaful Business and Labuan Takaful Related Activities
80. Grant of takaful licence
Feedback & supportUpon receiving an application for a takaful licence, the
Authority may approve the application, with or without conditions, or reject the application.
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Where the Authority rejects the application, the Authority shall notify the applicant in writing of the rejection.
Where the Authority approves the takaful licence under subsection (1), the Authority shall issue the takaful licence to the applicant.
The Authority may specify in the takaful licence the type of activities the takaful licensee may carry on.
takaful licensee
“takaful licensee” means any person licensed under this Part;
An applicant who is aggrieved by the decision of the
Authority under subsection (1) when his application is rejected, may within thirty days of the decision being notified to him, appeal to the Minister in writing.
A takaful licensee shall comply with any conditions imposed under a license granted pursuant to subsection (1) for the duration of the license.
A licence granted under this section shall remain in force until it is surrendered or revoked in accordance with the provisions of this Act.
The Authority may, upon consultation with the Minister, by written notice to the takaful licensee vary the existing terms and conditions or impose such additional terms and conditions, in respect of a takaful licence, from time to time as it deems fit.