Establishment of Labuan Islamic foundation
(1) A Labuan Islamic foundation shall be a foundation established under this section and in accordance with the Labuan Foundations Act 2010 whereby the establishment of such foundation is undertaken expressly with a view that its aims and operations shall be in compliance with Shariah principles. (2) Unless otherwise provided, the provisions of the Labuan Foundations Act 2010 shall apply to any Labuan Islamic foundation.
Object and purpose
(1) The object and purpose of a Labuan Islamic foundation shall not include any object or purpose which are not in compliance with Shariah principles. (2) A Labuan Islamic foundation shall not carry out any activity which is not in compliance with Shariah principles.
Charter
The charter of a Labuan Islamic foundation shall not include any element which is not in compliance with Shariah principles.
Assets
The officers of a Labuan Islamic foundation shall ensure that the assets of the Labuan Islamic foundation do not include any property which is not permissible based on Shariah principles, and that the assets are managed and invested in a manner that is not in contravention of Shariah principles.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).