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Labuan FSA Issues Circular on Appointment of Internal Shariah Advisory Board or Shariah Adviser under Labuan Islamic Financial Services and Securities Act 2010 (LIFSSA)
Labuan Financial Services Authority (Labuan FSA) on 3 January 2014 issued a circular, effective immediately, which states that Labuan Islamic entities licensed or regulated under the Labuan Islamic Financial Services and Securities Act 2010 (LIFSSA) are no longer permitted to appoint members of the Labuan FSA's Shariah Supervisory Council (SSC) as their internal Shariah advisory board (ISAB) or Shariah adviser (SA). This ensures the exclusive roles and functions of SSC members remain clearly distinct from that of the entities' ISAB and SA.
However, Labuan Islamic entities are still able to appoint SSC members on an individual basis for second Shariah endorsement or approval of its products or services.
Existing Labuan Islamic entities who have already appointed SSC members as their ISAB or SA are given until 31 December 2014 to source for their replacements.
For the circular, please refer to the attachment.
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