Section 17 — TAKAFUL ACT 1984

(2)

Subject to section 24 the assets of any takaful fund shall be such that—

(a)

the value of Malaysian assets as specified in the First Schedule, with any such additions as are permitted by subsection (4), is not less than eighty per cent of the total value of the assets of the fund; and

(b)

the value of investments in securities of the Federal or State Government issued in Malaysia is not less than fifteen per cent of the total value of the assets of the fund at any time.

(3)

For the purposes of subsection (2) there may be added to the value of items specified in the First Schedule the amount or value of any assets of the fund of the following descriptions:

(a)

outstanding contributions on family solidarity certificates on which future liabilities may be met out of the assets of the fund;

own on the the making treated for he amount he deposit of either he takaful of business to those r for any operator business in rator so maintain class.

(b)

sums representing claim recoveries from retakaful operators in or outside Malaysia.

(a)

not to make investments of a specified class or description;

(4)

The Minister may, in respect of assets of any takaful fund, require an operator—

(b)

to realise, before the expiration of a specified period or such extended period as the Minister may allow, the whole or a specified proportion of investments of a specified class or description held by the operator when the requirement is made.

(5)

For the purposes of this section the assets from time to time representing any re-takaful operator's deposit held by the takaful operator to meet liabilities of a takaful fund shall be treated with the agreement of the re-takaful operator as assets of the fund.