Islamic Financial Services Act 2013 · s 216

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216.
Continuation of family takaful business
(1) Notwithstanding paragraph 236(1)(a) of the *Companies
Act 1965, the liquidator of a licensed takaful operator carrying on family takaful business—
(a) may carry on the licensed takaful operator’s family takaful business with a view to such business being transferred as a going concern to another licensed takaful operator but shall not effect a new takaful certificate; and
(b) subject to subsection (2), may transfer the licensed takaful operator’s assets and liabilities to another licensed takaful operator, including liabilities under family takaful certificates attributable to the first-mentioned licensed takaful operator and the takaful funds managed by it and
Division 4 of Part VII shall apply to the transfer.
(2) The liquidator may, for the purpose of a transfer under paragraph (1)(b), apply to the High Court for an order to reduce—
(a) the amount of liabilities under family takaful certificates of the licensed takaful operator; or
(b) the amount of other liabilities of the takaful fund, and the High Court may reduce the liabilities to the extent necessary taking into consideration the value of available assets in the takaful funds and shareholders’ fund subject to such condition as it considers fit.

Subdivision 3 –Priority of payments in winding up

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s 216Continuation of family takaful business

(1)

Notwithstanding paragraph 236(1)(a) of the *Companies

Act 1965, the liquidator of a licensed takaful operator carrying on family takaful business—

(a)

may carry on the licensed takaful operator’s family takaful business with a view to such business being transferred as a going concern to another licensed takaful operator but shall not effect a new takaful certificate; and

(b)

subject to subsection (2), may transfer the licensed takaful operator’s assets and liabilities to another licensed takaful operator, including liabilities under family takaful certificates attributable to the first-mentioned licensed takaful operator and the takaful funds managed by it and

Division 4 of Part VII shall apply to the transfer.

(2)

The liquidator may, for the purpose of a transfer under paragraph (1)(b), apply to the High Court for an order to reduce—

(a)

the amount of liabilities under family takaful certificates of the licensed takaful operator; or

(b)

the amount of other liabilities of the takaful fund, and the High Court may reduce the liabilities to the extent necessary taking into consideration the value of available assets in the takaful funds and shareholders’ fund subject to such condition as it considers fit.

Subdivision 3 –Priority of payments in winding up