Labuan Islamic Financial Services and Securities Act 2010 s 92
Labuan Islamic Financial Services and Securities Act 2010 s 92
s 92 Conduct of business
(1) Every Labuan takaful operator shall—
(a) conduct its takaful business with due diligence and care in accordance with Shariah principles;
(b) follow accepted international accounting standards or such other standards as may be approved by the Authority;
(c) register all assets in its name, or in the name of a custodian or nominee for such Labuan takaful operator where assets are acquired in the name of such custodian or nominee, and in the case of bearer shares, hold them in safe custody; and
(d) indicate clearly on its letterhead, stationery and other documents containing its name that it is licensed under this Act, together with the number of its takaful licence.
(2) No Labuan takaful operator shall advertise or publish, in any form, information which is untrue or which is likely to mislead another person in relation to the written laws applicable to Labuan takaful operators and their related business and activities or that Labuan takaful operator’s financial status or takaful or retakaful plans or any other matter in respect of its Labuan takaful business.
(3) Paragraphs 1(a) and (d) and subsection (2) shall apply with the necessary modifications to a Labuan takaful manager, Labuan takaful underwriting manager and Labuan takaful broker.
Malay text (authoritative)
Penjalanan perniagaan
(1) Tiap-tiap pengendali takaful Labuan hendaklah—
(a) menjalankan perniagaan takafulnya dengan usaha wajar dan berhati-hati mengikut prinsip-prinsip Shariah;
(b) mematuhi standard perakaunan antarabangsa yang diterima atau apa-apa standard lain yang diluluskan oleh Lembaga;
(c) mendaftarkan semua aset atas namanya, atau atas nama penjaga atau penama bagi pengendali takaful Labuan jika aset itu diperoleh atas nama penjaga atau penama itu, dan dalam hal syer pembawa, memegangnya dalam jagaan selamat; dan
(d) menunjukkan dengan jelas pada kepala surat, alat tulisnya dan dokumen lain yang mengandungi namanya bahawa ia dilesenkan di bawah Akta ini, berserta dengan nombor lesen takafulnya.
(2) Tiada pengendali takaful Labuan boleh mengiklankan atau menyiarkan, dalam apa-apa bentuk, maklumat yang tidak benar atau yang berkemungkinan mengelirukan seorang lain berhubung dengan undang-undang yang terpakai bagi pengendali takaful Labuan dan perniagaan serta aktiviti berkaitannya atau status kewangan pengendali takaful Labuan atau rancangan takaful atau takaful semula atau apa-apa perkara lain berkenaan dengan perniagaan takaful Labuannya.
(3) Perenggan 1(a) dan (d) dan subseksyen (2) hendaklah terpakai dengan ubah suaian yang perlu bagi pengurus takaful Labuan, pengurus pengunderaitan takaful Labuan dan broker takaful Labuan.
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).
