Islamic Financial Services Act 2013 · s 137

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137. (1) Where—
(a) an approved takaful broker or approved Islamic financial adviser receives any money—
(i) from or on behalf of a person covered or potential person covered for or on account of a licensed takaful

Islamic Financial Services                              137
operator in connection with a contract of takaful or a proposed contract of takaful; or
(ii) from or on behalf of a licensed takaful operator for or on account of a person covered; or
(b) an approved issuer of a designated Islamic payment instrument as may be determined by the Bank, receives any money from or on behalf of its user in exchange of the
Islamic payment instrument issued, such approved person shall, for the purposes of this section, establish and maintain one or more accounts for its customers in a licensed
Islamic bank separate from its own account.
(2) For the purposes of subsection (1)—
(a) a lien or claim on, or a right to set-off, the moneys in any account established for customers under subsection (1) shall be void unless the moneys are for fees due and owing to such approved persons; and
(b) a charge, mortgage or an attachment on the moneys in any account established for customers under subsection (1) shall be void.
(3) Moneys in the account established for customers under subsection (1) is taken to be held in trust by the approved persons for the benefit of the customers.

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s 137

(1)

Where—

(a)

an approved takaful broker or approved Islamic financial adviser receives any money—

(i)

from or on behalf of a person covered or potential person covered for or on account of a licensed takaful

Islamic Financial Services 137

operator in connection with a contract of takaful or a proposed contract of takaful; or

(ii)

from or on behalf of a licensed takaful operator for or on account of a person covered; or

(b)

an approved issuer of a designated Islamic payment instrument as may be determined by the Bank, receives any money from or on behalf of its user in exchange of the

Islamic payment instrument issued, such approved person shall, for the purposes of this section, establish and maintain one or more accounts for its customers in a licensed

Islamic bank separate from its own account.

(2)

For the purposes of subsection (1)—

(a)

a lien or claim on, or a right to set-off, the moneys in any account established for customers under subsection (1) shall be void unless the moneys are for fees due and owing to such approved persons; and

(b)

a charge, mortgage or an attachment on the moneys in any account established for customers under subsection (1) shall be void.

(3)

Moneys in the account established for customers under subsection (1) is taken to be held in trust by the approved persons for the benefit of the customers.