The setting up of an Islamic banking window by a Labuan Bank under the Labuan Financial Services and Securities Act 2010 does not require a separate license and there is also no additional licence fee involved. The Labuan banks may submit the application for approval by submitting the following documents:
Under the Malaysian International Islamic Financial Centre's (MIFC) initiative, the Islamic divisions of the Labuan banks are given greater flexibility as follows:
The Labuan Islamic banking windows are governed by the following Labuan laws:-
For a complete list of all Labuan laws, please click here.