← Labuan Islamic Financial Services and Securities Act 2010

Labuan Islamic Financial Services and Securities Act 2010 s 9

s 9 Power to make rulings and give advice

(1) A ruling or an advice shall be given by the Shariah Supervisory Council only upon reference made to it. (2) For the purposes of subsection (1), reference to the Shariah Supervisory Council shall be made by the Authority, a licensed entity, an entity regulated under this Act or a Shariah-compliant entity in a manner determined by the Authority. (3) Any ruling issued by the Shariah Supervisory Council pursuant to a reference under subsection (1) shall be binding on the Authority, such licensed entity, such entity regulated under this Act or such Shariah-compliant entity, as the case may be. (4) For the avoidance of doubt, any ruling made by the Shariah Supervisory Council under subsection (1) pursuant to a reference made by the Authority, a licensed entity, an entity regulated under this Act or a Shariah-compliant entity, shall not be binding on any other licensed entity, entity regulated under this Act or Shariah-compliant entity unless otherwise adopted by the Authority in a manner it deems fit. (5) If an advice is given by the Shariah Supervisory Council pursuant to subsection (1), the Authority, such licensed entity, such entity regulated under this Act or such Shariah-compliant entity, as the case may be, shall take into consideration such advice. (6) Any reference for a ruling or an advice of the Shariah Supervisory Council under this Act or any other laws shall be submitted to the Authority.

Malay text (authoritative)

Kuasa untuk membuat keputusan dan memberi nasihat

(1) Sesuatu keputusan atau nasihat hendaklah diberikan oleh Majlis Penyeliaan Shariah hanya apabila terdapat rujukan dibuat kepadanya. (2) Bagi maksud subseksyen (1), rujukan kepada Majlis Penyeliaan Shariah hendaklah dibuat oleh Lembaga, suatu entiti berlesen, entiti yang dikawal selia di bawah Akta ini atau suatu entiti patuh Shariah mengikut cara yang ditentukan oleh Lembaga. (3) Apa-apa keputusan yang dikeluarkan oleh Majlis Penyeliaan Shariah menurut rujukan di bawah subseksyen (1) hendaklah mengikat Lembaga, entiti berlesen, entiti yang dikawal selia di bawah Akta ini atau entiti patuh Shariah, mengikut mana-mana yang berkenaan. (4) Bagi mengelakkan keraguan, apa-apa keputusan yang dibuat oleh Majlis Penyeliaan Shariah di bawah subseksyen (1) menurut rujukan yang dibuat oleh Lembaga, suatu entiti berlesen, suatu entiti yang dikawal selia di bawah Akta ini atau suatu entiti patuh Shariah, tidak boleh mengikat mana-mana entiti berlesen, entiti yang dikawal selia di bawah Akta ini atau entiti patuh Shariah yang lain melainkan jika diterima pakai oleh Lembaga mengikut cara yang difikirkannya sesuai. (5) Jika nasihat diberikan oleh Majlis Penyeliaan Shariah menurut subseksyen (1), Lembaga, entiti berlesen, entiti yang dikawal selia di bawah Akta ini atau entiti patuh Shariah, mengikut mana-mana yang berkenaan, hendaklah mengambil kira nasihat itu. (6) Apa-apa rujukan bagi suatu keputusan atau nasihat Majlis Penyeliaan Shariah di bawah Akta ini atau mana-mana undangundang lain hendaklah dikemukakan kepada Lembaga.

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

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).

What to look at next

Labuan Islamic Financial Services and Securities Act 2010, full textChapter navigation and full text, so you can read this section in contextMalaysia legislation Malaysia Acts by type and yearGrouped by instrument type and year of enactment, so you can find others of the same kindBrowse by type and year Part II — Shariah supervisory council — read this in contextThe surrounding text of the act in order, so you can see what comes before and afterChapters and sections