Islamic Financial Services Act 2013 · s 96

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s 96Assumption of risk

(1)

No licensed takaful operator shall cause any takaful fund which it operates to assume any risk in respect of such description of takaful certificate as may be prescribed by the Bank unless and until the takaful contribution payable is received by the licensed takaful operator in such manner and within such time as may be prescribed by the Bank.

(2)

Where the takaful contribution payable under subsection (1) is received by a person on behalf of a licensed takaful operator, the receipt shall be deemed to be receipt by the licensed takaful operator for the purpose of that subsection and the onus of proving that the takaful contribution was received by a person who was not authorized

Islamic Financial Services 107

to receive the takaful contribution shall lie on the licensed takaful operator.