The Labuan Islamic Financial Services and Securities Act 2010, which went into effect on February 11, 2010, establishes the licencing and regulatory framework for Islamic financial services and securities in Labuan.
It also allows for the establishment of Islamic banking and Takaful businesses, including captive Takaful businesses, as well as Labuan Islamic trusts, foundations, limited partnerships, and limited liability partnerships.
The Act covers Syariah compliance in trusts and foundations and the establishment of the Syariah Supervisory Council.
It also provides for the clarification and streamlining of laws and guidelines that have been published throughout the years regarding Islamic finance.
IN exercise of the powers conferred by section 156 of the Labuan Islamic Financial Services and Securities Act 2010 [Act 705], the Minister makes the Labuan Islamic Financial Services and Securities (Amendment) Regulations 2022, which come into operation on 1 January 2023.
Under these Regulations, the Labuan Islamic Financial Services and Securities Regulations 2010 [P.U. (A) 417/2010] are amended by substituting for the Third Schedule the following schedule:
These regulations can be found here:-
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