Section 76

property which at the time of the making of the policy is situated in Malaysia or is in transit to or from Malaysia;

a ship or an aircraft registered in Malaysia and all liabilities arising from the operation of such ship or aircraft;

the life of any contingency related to any person who, at the time of the making of the policy, is a resident; or

a risk of any nature in respect of any person who, at the time of the making of the policy, is a resident.

“family takaful” means takaful for the benefit of the individual and his family;

“family takaful business” means takaful business relating to family takaful;

“general takaful business” means takaful business which is not a family takaful business but includes takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries;

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“Labuan captive takaful business” means Labuan takaful business where the participant in such takaful business is a related corporation or associate corporation of the Labuan takaful operator or where the participant in such takaful business is any other person in respect of whom the Labuan takaful operator is authorized by the Authority to provide takaful or retakaful;

“Labuan retakaful business” means a business in compliance with Syariah principles whereby the Labuan retakaful operator assumes a part of the liability under an original contract of takaful of another takaful operator or retakaful operator;

“Labuan retakaful operator” means a Labuan takaful operator carrying on Labuan retakaful business;

“Labuan takaful broker” means a person who is licenced to—

arrange for Labuan takaful business on behalf of prospective or existing policy owners;

arrange for Labuan retakaful business on behalf of any takaful operator seeking retakaful; or

analyze the financial circumstances of another person and provides a plan to meet that other person’s financial needs and objectives, whether or not a fee is charged in relation thereto.

“Labuan takaful business” means takaful business which includes

Labuan captive takaful business, Labuan retakaful business and such other takaful business approved by the Authority but does not include any takaful business that is regulated or prohibited under other written law in Malaysia;

“Labuan takaful manager” means a person who is licensed to provide for management or administration services related to

Labuan takaful business but does not include a Labuan takaful underwriting manager;

“Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;

“Labuan takaful underwriting manager” means a person, not being a bona fide employee, who is licensed to provide underwriting services, including the administration of the business, to one or more Labuan takaful operators;

Act 705

“Malaysian takaful operator” means a takaful operator which is licensed under the *Takaful Act 1984 [Act 312];

“net contribution income” in relation to a financial year, means the contributions receivable under contracts of takaful or retakaful after deducting any contributions payable arranged in respect of such contracts of takaful or retakaful;

“policy” means a takaful certificate and any reference to a policy of a Labuan takaful operator and includes a reference to any policy in respect of which the Labuan takaful operator is under any liability, whether the policy was issued by the Labuan takaful operator or the liability was transferred to the Labuan takaful operator from another takaful operator;

“policy owner” means any person who effects a policy;

“takaful” means a scheme in compliance with Syariah principles based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose;

“takaful business” means the business of takaful whose aims and operations are in compliance with Syariah principles;

“takaful certificate” includes any written contract of takaful whether or not embodied in or evidenced by an instrument in the form of a takaful certificate;

“takaful licence” means a licence granted under this Part;

“takaful licensee” means any person licensed under this Part;

“takaful operator” means a person who carries on takaful business;

“working funds” means—

in relation to a Labuan company, the paid-up capital unimpaired by losses; or

*NOTE—The Takaful 1984 [Act 312] has since been repealed by the Islamic Financial Services Act 2013 [Act 759] which comes into operation on 30 June 2013—see sections 282 and 283 of Act 759.

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in relation to a foreign Labuan company or a branch of a Malaysian takaful operator, the surplus of assets over liabilities to be maintained in the books of its office in

Labuan.

Where fifteen per centum or more of the voting shares of a corporation are held by another corporation, the first mentioned corporation shall be deemed to be an associate corporation of the other corporation, and any reference to an “associate corporation”

shall be construed as a reference to that first mentioned corporation or that other corporation, as the case may be.