Section 80
Grant of takaful licence
of Labuan Islamic Financial Services and Securities Act 2010
Upon receiving an application for a takaful licence, the
Authority may approve the application, with or without conditions, or reject the application.
Labuan Islamic Financial Services and Securities 103
(2)
Where the Authority rejects the application, the Authority shall notify the applicant in writing of the rejection.
(3)
Where the Authority approves the takaful licence under subsection (1), the Authority shall issue the takaful licence to the applicant.
(4)
The Authority may specify in the takaful licence the type of activities the takaful licensee may carry on.
(5)
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.
(6)
A takaful licensee shall comply with any conditions imposed under a license granted pursuant to subsection (1) for the duration of the license.
(7)
A licence granted under this section shall remain in force until it is surrendered or revoked in accordance with the provisions of this Act.
(8)
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.