Malaysia legislation
Section 8
Section 8
(2)
An application to be registered in respect of family solidarity business or general business may be made by a company or society already registered in respect of the other.
(3)
The Director General shall not be required to consider an application unless it is made in writing and he has been furnished with such documents and information as may be prescribed or as he may in the particular case require.
(4)
The Director General shall refuse to register an applicant if, after appropriate inquiry, he is satisfied that the name of the applicant is not by its resemblance to the name of any other body likely to deceive.
(5)
The Director General shall also refuse to register an applicant unless he is satisfied—
(a)
that the aims and operations of the takaful business which it is desired to carry on will not involve any element which is not approved by the Syariah; and
(b)
that there is in the Articles of Association of the takaful operator concerned provision for the establishment of a Syariah Supervisory Council to advise an operator on the operations of its takaful business in order to ensure that it does not involve in any element which is not approved by the Syariah.
(6)
Where the Director General is satisfied that an applicant has complied with all the requirements of this section he shall refer the application to the Minister; and if the Minister so directs, the Director General shall not register the applicant who shall be notified of the direction.
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(7)
The Director General shall not register an applicant in respect of takaful business of either class until the Accountant General certifies to him that the applicant has made in respect of that business the deposit required by this Act.