Legal Aspects of Legal Aspects of

Islamic FinanceIslamic Finance

LCA4592LCA4592

DR. ZULKIFLI HASANDR. ZULKIFLI HASAN

ContentsContents

�� Islamic finance casesIslamic finance cases

�� 19871987--20022002

�� 20032003--20072007

�� 20082008--20112011

19871987--20022002

�� TintaTinta Press Press SdnSdn BerhadBerhad v BIMBv BIMB (1987) 1 MLJ 474; 1 (1987) 1 MLJ 474; 1
CLJ 474: CLJ 474: IJarahIJarah

�� Bank Islam Malaysia Berhad v Adnan OmarBank Islam Malaysia Berhad v Adnan Omar [1994] 3 CLJ [1994] 3 CLJ
735; [1994]3 AMR 44; [1994] 4 BLJ 372: BBA 735; [1994]3 AMR 44; [1994] 4 BLJ 372: BBA

�� DatoDato’’ NikNik MahmudMahmud Bin Bin DaudDaud v Bank Islam Malaysia v Bank Islam Malaysia
BerhadBerhad [1996]4 MLJ 295 (BBA) Malay Reserve[1996]4 MLJ 295 (BBA) Malay Reserve

�� Bank Islam Malaysia Bhd v Shamsuddin Bin Haji AhmadBank Islam Malaysia Bhd v Shamsuddin Bin Haji Ahmad
[1999] 1 LNS 275; [1999] MLJ 450 (BBA)[1999] 1 LNS 275; [1999] MLJ 450 (BBA)

�� Bank Kerjasama Rakyat Malaysia Bhd v Nesaretnam Bank Kerjasama Rakyat Malaysia Bhd v Nesaretnam
SamyvelooSamyveloo [2002] 8 CLJ 95; [2002] 7 MLJ 103 (BBA)[2002] 8 CLJ 95; [2002] 7 MLJ 103 (BBA)

ObservationObservation

�� The judges are more concerned on the application of The judges are more concerned on the application of
classic common law approach by emphasizing the civil classic common law approach by emphasizing the civil
technical aspects and did not tackle the actual technical aspects and did not tackle the actual ShariShari’’ahah
issues. issues.

�� In the case of In the case of Bank Islam Malaysia Bank Islam Malaysia BerhadBerhad v v AdnanAdnan OmarOmar, ,
the High Court held that the defendant was bound to the High Court held that the defendant was bound to
pay the whole amount of the selling price based on the pay the whole amount of the selling price based on the
grounds that he knew the terms of the contract and grounds that he knew the terms of the contract and
knowingly entered into the agreement. In this respect, knowingly entered into the agreement. In this respect,
the court applied the classic common law the court applied the classic common law
interpretational approach where the parties are bound interpretational approach where the parties are bound
with the terms and conditions of the contract. The with the terms and conditions of the contract. The
court did not look into the issue further whether BBA court did not look into the issue further whether BBA
facility involves an element not approved by the facility involves an element not approved by the
ShariShari’’ahah as stipulated under the IBA and the BAFIA.as stipulated under the IBA and the BAFIA.

20032003--20072007
�� Bank Bank KerjasamaKerjasama RakyatRakyat Malaysia Malaysia BerhadBerhad v Emcee Corporation v Emcee Corporation

SdnSdn. . BhdBhd.. [2003] 2 MLJ 408; 1 CLJ 625 (BBA)[2003] 2 MLJ 408; 1 CLJ 625 (BBA)

�� Bank Islam Malaysia Berhad v Pasaraya Peladang Sdn BerhadBank Islam Malaysia Berhad v Pasaraya Peladang Sdn Berhad
[2004] 7 MLJ 355 (BBA)[2004] 7 MLJ 355 (BBA)

�� TahanTahan Steel Corporation Steel Corporation SdnSdn BhdBhd v Bank Islam Malaysia v Bank Islam Malaysia
BerhadBerhad [2004] 6 CLJ 25; [2004] 6 MLJ 1 ([2004] 6 CLJ 25; [2004] 6 MLJ 1 (istisnaistisna))

�� Arab Malaysian Merchant Bank Arab Malaysian Merchant Bank BerhadBerhad v Silver Concept v Silver Concept SdnSdn
BhdBhd [2005] 5 MLJ 210 (BBA)[2005] 5 MLJ 210 (BBA)

�� Malayan Banking Malayan Banking BerhadBerhad v Marilyn Ho v Marilyn Ho SiokSiok LinLin [2006] 7 [2006] 7
MLJ 249; 3 CLJ 796 (MLJ 249; 3 CLJ 796 (bbabba))

�� AffinAffin Bank Bank BerhadBerhad v v ZulkifliZulkifli AbdullahAbdullah [2006] 3 MLJ 67 [2006] 3 MLJ 67
((bbabba))

�� Malayan Banking Malayan Banking BerhadBerhad v v YakupYakup bin bin OjeOje & & AnorAnor [2007] 6 [2007] 6
MLJ 398MLJ 398 ((bbabba))

Observation Observation

�� In the second phase, the court indicates its In the second phase, the court indicates its
interest to examine critically the underlying interest to examine critically the underlying
principles and financing facility offered by the principles and financing facility offered by the
IFIsIFIs.. Unlike the earlier cases in the first phase, Unlike the earlier cases in the first phase,
several judges initiated a different approach in several judges initiated a different approach in
resolving issues involving Islamic finance resolving issues involving Islamic finance
particularly in the case ofparticularly in the case of AffinAffin Bank Bank BerhadBerhad v v
ZulkifliZulkifli Abdullah Abdullah andand Malayan Banking Malayan Banking BerhadBerhad v v
Marilyn Ho Marilyn Ho SiokSiok LinLin. .

�� This position indicates the improvement of This position indicates the improvement of
judgesjudges’’ level of awareness and understanding of level of awareness and understanding of
Islamic finance. Islamic finance.

AffinAffin Bank v Bank v zulkiflizulkifli AbdullahAbdullah

�� BBA 25 years PP: rm394k paid rm33k claimed by the BBA 25 years PP: rm394k paid rm33k claimed by the
B: rm958k B: rm958k

�� Held: profit up to the date of judgment plus penalty.Held: profit up to the date of judgment plus penalty.

�� The learned judge indirectly criticized the attitude of The learned judge indirectly criticized the attitude of
early court by using narrow interpretation and heavily early court by using narrow interpretation and heavily
applying classic common law approach. applying classic common law approach.

�� The proper approach is that for the court to examine The proper approach is that for the court to examine
further as to the implementation of Islamic banking further as to the implementation of Islamic banking
whether it is contrary to the religion of Islam. The whether it is contrary to the religion of Islam. The
courts held that Islamic contract of BBA is similar with courts held that Islamic contract of BBA is similar with
conventional loan and hence the Islamic banks could conventional loan and hence the Islamic banks could
not claim the unearned profit because it is equal with not claim the unearned profit because it is equal with
interest calculationinterest calculation

20082008--20112011
�� Bank Bank KerjasamaKerjasama RakyatRakyat Malaysia Malaysia BhdBhd v PSC Naval v PSC Naval

Dockyard Dockyard SdnSdn BhdBhd [2008] 1 CLJ 784; [2007] MLJ 722 [2008] 1 CLJ 784; [2007] MLJ 722
((BaiBai INahINah))

�� Arab Malaysian Finance Arab Malaysian Finance BhdBhd v v TamanTaman IhsanIhsan JayaJaya SdnSdn BhdBhd
& Ors (& Ors (KoperasiKoperasi Seri Kota Seri Kota BukitBukit CherakaCheraka BhdBhd, third party) , third party)
[2008] 5 MLJ 631; [2009] 1 CLJ 419 (BBA)[2008] 5 MLJ 631; [2009] 1 CLJ 419 (BBA)

�� Light Style Light Style SdnSdn BhdBhd v KFH v KFH IjarahIjarah House (Malaysia) House (Malaysia) SdnSdn
BhdBhd [2009] CLJ 370; [2009] 1 LNS 193 ([2009] CLJ 370; [2009] 1 LNS 193 (MurabahahMurabahah))’’]]

�� Bank Islam Malaysia Bank Islam Malaysia BhdBhd v Lim v Lim KokKok Hoe & Hoe & AnorAnor And And
Other Appeals Other Appeals [2009][2009] 66 CLJCLJ 22; [2009] 6 MLJ 839 22; [2009] 6 MLJ 839
(BBA)(BBA)

�� Tan Sri Tan Sri KhalidKhalid IbrahimIbrahim v Bank Islam Malaysia v Bank Islam Malaysia BerhadBerhad
[2009] 6 MLJ 416[2009] 6 MLJ 416 ((bbabba))

�� Bank Islam Malaysia Bank Islam Malaysia BhdBhd v v AzharAzhar OsmanOsman & Other Cases& Other Cases
[2010] 5 CLJ 54 [2010] 1 LNS[2010] 5 CLJ 54 [2010] 1 LNS 251 (251 (bbabba))

ObservationObservation

�� In the case of In the case of Arab Malaysian Finance Arab Malaysian Finance BhdBhd v v

TamanTaman IhsanIhsan JayaJaya SdnSdn BhdBhd & Ors & Ors that the that the

application of the BBAapplication of the BBA is contrary to the IBA is contrary to the IBA

and the BAFIA. and the BAFIA.

�� Clearly indicates the new constructive approach Clearly indicates the new constructive approach

of the court towards Islamic banking cases of the court towards Islamic banking cases

particularly in resolving issues pertaining to BBA particularly in resolving issues pertaining to BBA

facility. This judgment may affect the Islamic facility. This judgment may affect the Islamic

financial sector in Malaysia as the expert financial sector in Malaysia as the expert

estimates that 70 per cent of Islamic financing estimates that 70 per cent of Islamic financing

facility was granted under BBA facility. facility was granted under BBA facility.

Arab Malaysian Finance Arab Malaysian Finance BhdBhd v v
TamanTaman IhsanIhsan JayaJaya SdnSdn BhdBhd & Ors& Ors

�� The beginning of proThe beginning of pro--active attitude of the court active attitude of the court
in examining the validity and determining issues in examining the validity and determining issues
involved in Islamic banking cases. involved in Islamic banking cases.

�� The Federal Constitution, the IBA and the The Federal Constitution, the IBA and the
BAFIA do not provide the interpretation of BAFIA do not provide the interpretation of
which which madhhabmadhhab is to prevail. BBA facility must is to prevail. BBA facility must
not contain any element which is not approved not contain any element which is not approved
by the religion of Islam under the interpretation by the religion of Islam under the interpretation
of any of the recognized of any of the recognized maddhabmaddhab..

�� The court accepts that BBA facility is a bona fide sale The court accepts that BBA facility is a bona fide sale
transaction and the interpretation of selling price in the transaction and the interpretation of selling price in the
case of case of AffinAffin Bank Bank BerhadBerhad v v ZulkifliZulkifli Abdullah Abdullah was referred was referred
to where the court rejects the plaintiffsto where the court rejects the plaintiffs’’ interpretation interpretation
and applies the equitable interpretation.and applies the equitable interpretation.

�� Where the bank recalls BBA facility at a higher price in Where the bank recalls BBA facility at a higher price in
total, the sale is not a bona fide sale but a financing total, the sale is not a bona fide sale but a financing
transaction and rendered the facility contrary to the IBA transaction and rendered the facility contrary to the IBA
and the BAFIA.and the BAFIA.

�� The court holds that the plaintiffs are entitled under The court holds that the plaintiffs are entitled under
section 66 of the Contracts Act 1950 to return the section 66 of the Contracts Act 1950 to return the
original facility amount they had extended. It is equitable original facility amount they had extended. It is equitable
that the plaintiffs must seek to obtain price as close to that the plaintiffs must seek to obtain price as close to
the market price as possible and account for the the market price as possible and account for the
proceeds to the respective defendants. proceeds to the respective defendants.

Case analysisCase analysis

�� In BBA facility, the court uses an equitable interpretation In BBA facility, the court uses an equitable interpretation

as to the definition of selling price whether the defendant as to the definition of selling price whether the defendant

was bound to pay the whole amount of the selling price was bound to pay the whole amount of the selling price

even in the event of early termination of the contract. even in the event of early termination of the contract.

�� The classic common law approach will require the The classic common law approach will require the

defendants to pay the whole amount of the selling price as defendants to pay the whole amount of the selling price as

they are bound by the terms of the contract but the court they are bound by the terms of the contract but the court

in this case chooses to apply an equitable principle. in this case chooses to apply an equitable principle.

�� An equitable interpretation of the selling price removes An equitable interpretation of the selling price removes

the excessive amount of profit derived from BBA the excessive amount of profit derived from BBA

transaction and therefore the defendants will only have to transaction and therefore the defendants will only have to

pay the principal sum of the facility. pay the principal sum of the facility.

Profit portion of BBA facility is unlawful and Profit portion of BBA facility is unlawful and

contrary to the religion of Islamcontrary to the religion of Islam

�� 1. The court considers deferred payment of the 1. The court considers deferred payment of the
selling price is a credit or a loan and any profit selling price is a credit or a loan and any profit
claimed or charged by the bank as an additional claimed or charged by the bank as an additional
to the facility amount is interest. The court to the facility amount is interest. The court
signifies that the profit derived from BBA signifies that the profit derived from BBA
facility is lawful if the transaction is considered facility is lawful if the transaction is considered
as a bona fide sale. Nevertheless, BBA facility in as a bona fide sale. Nevertheless, BBA facility in
this case abandon the element of bona fide sale this case abandon the element of bona fide sale
in which making the profit derived from it in which making the profit derived from it
would be prohibited as would be prohibited as ribariba

�� 2. In addition, the court also mentions that 2. In addition, the court also mentions that
excessive selling price under BBA facility excessive selling price under BBA facility
imposed a heavier burden upon the defendants imposed a heavier burden upon the defendants
that would be contrary to the intent and purpose that would be contrary to the intent and purpose
of verses 275of verses 275--280 of 280 of surahsurah alal--BaqarahBaqarah. Al. Al--GhazaliGhazali
insists the practice of insists the practice of ihsanihsan or doing good deeds or doing good deeds
in business rather than merely advocating the in business rather than merely advocating the
maximization of profit. The element of maximization of profit. The element of
tolerance and benevolence should be the basis tolerance and benevolence should be the basis
upon which the Islamic banking business upon which the Islamic banking business
transactions are conducted. transactions are conducted.

�� 3. the issue of 3. the issue of iwadiwad in BBA transaction. in BBA transaction.

Although the court in the current case does not Although the court in the current case does not

mention anywhere this specific issue, it is mention anywhere this specific issue, it is

observed that BBA facility has apparently observed that BBA facility has apparently

neglected the requirement of neglected the requirement of iwadiwad (equal counter (equal counter

value or compensation) where the obligation of value or compensation) where the obligation of

warranty to the properties sold has been shifted warranty to the properties sold has been shifted

to the vendor and not the plaintiffs as the to the vendor and not the plaintiffs as the

sellers. Moreover, it is evident in most of BBA sellers. Moreover, it is evident in most of BBA

legal documentations that the bank holds no legal documentations that the bank holds no

liability arising from all defective assets sold. liability arising from all defective assets sold.

�� 4. The true nature of contracts and transactions is 4. The true nature of contracts and transactions is

the substance and not the words and the the substance and not the words and the

structure. The distinction between a sale and a structure. The distinction between a sale and a

loan is not maintained in its form alone but it loan is not maintained in its form alone but it

must also be maintained in substance. must also be maintained in substance.

�� The court opines that BBA facility may be The court opines that BBA facility may be

classified as pretence of sale transaction unless classified as pretence of sale transaction unless

there was a there was a novationnovation agreement to make the bank agreement to make the bank

a genuine seller. a genuine seller.

�� 5. In interpreting the requirement under the IBA 5. In interpreting the requirement under the IBA

and the BAFIA that the financing facilities and the BAFIA that the financing facilities

offered do not involve any element not offered do not involve any element not

approved by the religion of Islam, the court approved by the religion of Islam, the court

declares that the facility must not contain any declares that the facility must not contain any

element not approved by any of the recognized element not approved by any of the recognized

madhabmadhab unless the financing agreement states the unless the financing agreement states the

specific to a particular specific to a particular madhhabmadhhab. .

�� Since Since Bay alBay al--InahInah concept is only acceptable in concept is only acceptable in

madhhabmadhhab ShafiShafi’’ii, it fails to meet the IBA and the , it fails to meet the IBA and the

BAFIABAFIA’’ss requirement and renders the requirement and renders the

transaction null and void. transaction null and void.

MohdMohd alias v alias v rhbrhb bank bank berhadberhad

�� Pt challenged the validity of s 56Pt challenged the validity of s 56--57 of the 57 of the cbacba. Ultra . Ultra

viresvires the federal constitution the federal constitution

�� 1. binds the court? Usurping article 121 (1) of the 1. binds the court? Usurping article 121 (1) of the fcfc..

�� 2. 2. wtrwtr the sections had in effect delegated the court the sections had in effect delegated the court

power to the sac.power to the sac.

�� 3. making ruling binding, the parties had been deprived 3. making ruling binding, the parties had been deprived

of their right to be heard: of their right to be heard:

�� i. breach of constitutioni. breach of constitution

�� Ii. Breach of natural justiceIi. Breach of natural justice

�� 4. retrospective effect.4. retrospective effect.

�� Held: Held:

�� 1. the practice of the civil court referring 1. the practice of the civil court referring
question on question on islamicislamic law to law to islamicislamic authorities is authorities is
not new. not new.

�� 2. the jurisdiction falls under the civil court 2. the jurisdiction falls under the civil court
jurisdiction. Law relating to finance.jurisdiction. Law relating to finance.

�� 3. the sac is merely required to make an 3. the sac is merely required to make an
ascertainment and not determination. the court ascertainment and not determination. the court
still has to decide the ultimate issues and the still has to decide the ultimate issues and the
final decision remains with the court.final decision remains with the court.

�� 4. no retrospective effect. 4. no retrospective effect.

Thank YouThank You

Zulkifli Bin Zulkifli Bin HasanHasan

Faculty of Faculty of SyariahSyariah & Law& Law

EE--mail: mail: zulkiflih@admin.kuim.edu.myzulkiflih@admin.kuim.edu.my

EE--mail: mail: zul361977@yahoo.comzul361977@yahoo.com..

Tel. No: 06Tel. No: 06--79884557988455

H/Phone No: 016H/Phone No: 016--3379776 3379776


429 Too Many Requests

nginx


Legal Aspects of
Islamic Finance

LAB4112
DR. ZULKIFLI HASAN

Contents

�  Securities?
�  Capital Market?
�  Regulatory Structure
�  Regulatory Framework
�  Governing Laws
�  SC
�  Bursa Malaysia
�  Labuan Financial Services Authority

Securities?
n  Securities: The generic term for any instrument traded on a

stock exchange.
n  Shares: a security representing a portion of the holder's

capital in that company.
n  S 2 of the CMSA 2007: Securities means:-
n  (a) debentures, stocks or bonds issued or proposed to be

issued by any government;
n  (b) shares in or debentures of, a body corporate or an

unincorporated body; or
n  (c) unit trusts or prescribed investments,
n  and includes any right, option or interest in respect thereof,

but does not include futures contracts

Capital Market
n  A capital market is a market for securities, where

business enterprises (companies) and governments can
raise long-term funds.

n  Primary market: securities are purchased directly from
an issuing company
n Underwriting: The process of selling new issues to

investors.
n  IPO: A new stock issuance

n  Secondary market: the financial market where
previously issued securities and financial instruments
such as stocks, bonds, options and futures are bought
and sold.

n  Ministry of  Finance

n  Securities Commission

n  Bursa Malaysia

Regulatory Structure

n  Capital Markets and Services Act 2007
n  Securities Industry (Central Depositories Act)

1991
n  Securities Commission Act 1993
n  Companies Act 1965
n  Offshore Companies Act 1990
n  Labuan Financial Services and Securities Act

2010

Governing Laws

Securities Commission

n  Pre-1993: Capital market is under the auspices of
Capital Issues Committee (MOF), Panel on
TOM and FIC (PMD), (MITI), CCM and BNM.

n  Established in 1993.
n  Statutory body
n  Regulating and developing capital market
n  Supervising and monitoring the activities of the

market institution
n  To promote and maintain fair, efficient, secure

and transparent securities market.

Roles of the SC

n  1. Registering authority for prospectus of
corporation

n  2. approving corporate bonds
n  3. regulating securities and futures contract
n  4. regulating take-over and merger
n  5. regulating unit trust schemes
n  6. licensing and supervising licensed institutions

Stock Exchange???
n  A stock exchange is an entity that provides

services for stock brokers and traders to trade
securities.

n  Functions:
n  Raising capital
n  Mobilising savings for business
n  Facilitating company growth
n  Profit sharing
n  Government capital raising

Bursa Malaysia

n  Bursa Malaysia is an exchange holding company
approved under Section 15 of the Capital
Markets and Services Act 2007.

n  Operates a fully-integrated exchange, offering
the complete range of exchange-related services
including trading, clearing, settlement and
depository services

Bursa Malaysia
n  The Bursa Malaysia or Malaysia Exchange, MYX

previously known as Kuala Lumpur Stock Exchange
(KLSE, Bursa Saham Kuala Lumpur)

n  Dates back to 1930 when the Singapore Stockbrokers'
Association was set up as a formal organisation dealing in
securities in Malaya.

n  In 1937 it was re-registered as the Malayan Stockbrokers'
Association, but it still did not trade public shares.

n  By 1960s, the Malayan Stock Exchange was formed and
public trading of shares began in May

n  Kuala Lumpur Stock Exchange was re-named
Bursa Malaysia in 2004.

n  The main index for Bursa Malaysia is KLCI.
n  In June 2006, a new index series jointly

developed by Bursa Malaysia and FTSE
Group was introduced known as FTSE Bursa
Malaysia Index

Bursa Malaysia

Subsidiaries Principal Activities

Bursa Malaysia Securities
Bhd

Provide, operate and maintain securities exchange

Bursa Malaysia Derivatives
Bhd

Provide, operate and maintain a futures and options exchange

Labuan International
Financial Exchange Inc.

Provide, operate and maintain offshore financial exchange

Bursa Malaysia Bonds Sdn
Bhd

Provide, operate and maintain registered electronic facility for
secondary bond market

Bursa Malaysia Securities
Clearing Sdn Bhd

Provide, operate and maintain a clearing house for the securities
exchange

Bursa Malaysia Derivatives
Clearing Bhd

Provide, operate and maintain a clearing house for the futures and
options exchange

Bursa Malaysia Depository
Sdn Bhd

Provide, operate and maintain a central depository

Bursa Malaysia Depository
Nominees Sdn Bhd

Act as a nominee for the central depository and receive securities on
deposit for safe-custody or management

Bursa Malaysia Information
Sdn Bhd

Provide and disseminate prices and other information relating to
securities quoted on exchanges within the group

Bursa Malaysia Islamic
Services Sdn Bhd

Operate all Islamic Markets businesses and activities initiated under
Bursa Malaysia

n  Front-line regulator- rules and regulations to
ensure
n  Orderly and fair market
n  Secure, efficient and cost effective
n  Develop investor confidence

n  Price discovery
n  Infrastructure
n  Avenue for capital raising

Roles

n  Promote orderly conduct and expansion of
market for better investment

n  Protect overall integrity of market-monitor
financial standing of companies

n  Protect investor interest
n  Provide conclusive investment environment
n  Develop the Malaysian capital market

Objectives

Islamic Market

n  Islamic Market products ie equities, derivatives,
commodities, to debt securities, across all
sectors and industries

n  Sh. Compliance Stock: 88% of the securities
currently listed on Bursa Malaysia

n  Equity Indices: The FTSE Hijrah Shariah index
(FBM Hijrah Shariah) and the FTSE Bursa
Malaysia EMAS Shariah index (FBM EMAS
Shariah)

Islamic Market

n  Islamic Bond or sukuk: two-thirds of the global
sukuk outstanding.

n  Shariah ETF: Shariah-compliant investment
instruments

n  Islamic reits
n  Shariah-based unit trust funds

Bursa Suq Al Sila

n  Subsidiary of the BM.
n  a commodity trading platform specifically

dedicated to facilitate Islamic liquidity
management and financing by Islamic banks

n  SC, BNM, BM and MPOB, MPOA and MPOC.
n  The fully electronic web based platform

provides industry players with an avenue to
undertake multi commodity and multi currency
trades from all around the world.

Offshore Business???

n  Taxation
n  Simplicity and reporting
n  Fees for incorporation
n  Cost of operation
n  Thin capitalisation

LFSA

n  Established on 15 February 1996
n  International business and financial centre.
n  For capital market:
n  The Labuan Financial Services and Securities

Act 2010 (LFSSA),
n  The Labuan Islamic Financial Services and

Securities Act 2010 (LIFSSA),

LFSA

n  The LFSSA, Part IV provides for the licensing of
securities licensee with the following scope of business:
n  Provide investment advice or administration services in

respect of  securities for purpose of investment; or
n  Deal in securities; or
n  Provide other activity as may be specified by Labuan FSA

n  The Labuan Islamic Financial Services and Securities
Act 2010 (LIFSA), Part V provides for the licensing of
Islamic securities licensee with the same scope of
business as per the securities licensee above.

LIFX

n  Launched 23 November 2000
n  LFX is limited by shares and is wholly owned by

Bursa Malaysia Berhad.
n  a full-fledge Exchange with listing and trading

facilities
n  the listing of conventional and Islamic

instruments.
n  an efficient, cost effective access to capital

market and practical alternative to existing
domestic Exchanges


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