← Labuan Islamic Financial Services and Securities Act 2010

Labuan Islamic Financial Services and Securities Act 2010 s 131

s 131 Shariah Adviser for Labuan Islamic trusts, Labuan Islamic foundation, Labuan Islamic limited partnership or Labuan Islamic limited liability partnership

(1) The trustee of a Labuan Islamic trust under this Act shall appoint a qualified person as a Shariah adviser, or consult a qualified person, to advise such trustee on the management and operations of the Labuan Islamic trust and ensure compliance with Shariah principles. (2) The partners of a Labuan Islamic limited partnership or a Labuan Islamic limited liability partnership under this Act shall appoint a qualified person as a Shariah adviser, or consult a qualified person, who shall advise the Labuan Islamic limited partnership or the Labuan Islamic limited liability partnership on the management and operations of the Labuan Islamic limited partnership or the Labuan Islamic limited liability partnership and ensure compliance with Shariah principles. (3) The officers of a Labuan Islamic foundation under this Act shall appoint a qualified person as a Shariah adviser, or consult a qualified person, who shall advise the Labuan Islamic foundation on the management and operations of the Labuan Islamic foundation and ensure compliance with Shariah principles. (4) Notwithstanding subsections (1), (2) and (3), the Authority shall reserve the power at any time subsequent to any appointment of a Shariah adviser therein, to require any Labuan Islamic trust, Labuan Islamic limited partnership, Labuan Islamic limited liability partnership or Labuan Islamic foundation, by notification in writing, to replace the Shariah adviser with another qualified person to the satisfaction of the Authority. (5) Notwithstanding subsections (1), (2), and (3), the Authority may specify that the Shariah adviser of a Labuan Islamic trust, Labuan Islamic limited partnership, Labuan Islamic limited liability partnership or Labuan Islamic foundation to conduct an internal Shariah compliance review of the business and operations of such Labuan Islamic trust, Labuan Islamic limited partnership, Labuan Islamic limited liability partnership or Labuan Islamic foundation.

Malay text (authoritative)

Penasihat Shariah bagi amanah Islam Labuan, yayasan Islam Labuan, perkongsian terhad Islam Labuan atau perkongsian liabiliti terhad Islam Labuan

(1) Pemegang amanah bagi amanah Islam Labuan di bawah Akta ini hendaklah melantik seseorang berkelayakan sebagai penasihat Shariah, atau berunding dengan orang yang berkelayakan, untuk menasihati pemegang amanah itu tentang pengurusan dan operasi amanah Islam Labuan dan memastikan pematuhan dengan prinsip-prinsip Shariah. (2) Pekongsi-pekongsi bagi perkongsian terhad Islam Labuan atau perkongsian liabiliti terhad Islam Labuan di bawah Akta ini hendaklah melantik seseorang yang berkelayakan sebagai penasihat Shariah, atau berunding dengan seseorang yang berkelayakan, yang hendaklah menasihati perkongsian terhad Islam Labuan atau perkongsian liabiliti terhad Islam Labuan tentang pengurusan dan operasi perkongsian terhad Islam Labuan atau perkongsian liabiliti terhad Islam dan memastikan pematuhan prinsip-prinsip Shariah. (3) Pegawai yayasan Islam Labuan di bawah Akta ini hendaklah melantik orang yang berkelayakan sebagai penasihat Shariah, atau berunding dengan orang yang berkelayakan, yang hendaklah menasihati yayasan Islam Labuan tentang pengurusan dan operasi yayasan Islam Labuan dan memastikan pematuhan prinsip-prinsip Shariah. (4) Walau apa pun subseksyen (1), (2) dan (3), Lembaga hendaklah mempunyai kuasa pada bila-bila masa selepas apa-apa pelantikan seseorang penasihat Shariah dalamnya, menghendaki mana-mana amanah Labuan Islam, perkongsian terhad Islam Labuan atau perkongsian liabiliti terhad Islam Labuan atau yayasan Islam Labuan, melalui pemberitahuan secara bertulis, untuk menggantikan penasihat Shariah dengan orang berkelayakan yang lain hingga memuaskan hati Lembaga. (5) Walau apa pun subseksyen (1), (2) dan (3), Lembaga boleh menentukan bahawa penasihat Shariah suatu amanah Islam Labuan, perkongsian terhad Islam Labuan, perkongsian liabiliti terhad Islam Labuan atau yayasan Islam Labuan untuk menjalankan suatu kajian semula pematuhan Shariah dalaman bagi perniagaan dan operasi amanah Islam Labuan, perkongsian terhad Islam Labuan, perkongsian liabiliti terhad Islam Labuan atau yayasan Islam Labuan.

Read this section in the full act → · Open Part XII →

Find Act 705 on lom.agc.gov.my ↗

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).

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