The setting up of takaful or retakaful windows do not require a separate licence and there is also no additional licence fee involved. Applications made by applicants of existing licensees under the Labuan Islamic Financial Services and Securities Act 2010 to set up takaful or retakaful windows will be considered by Labuan FSA based on the following submissions:
- Certified true copy of board resolution pertaining to the proposed establishment of takaful or retakaful window.
- Business plan.
- Three years’ financial projections for the takaful or retakaful activities; and
- Information on its own internal Shariah Advisory Board (SAB).