Islamic Financial Services Act 2013 · s 93

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s 93Requirements relating to shareholders’ fund in respect of takaful funds

(1)

A licensed takaful operator shall comply with any requirements relating to its shareholders’ fund which are attributable to the business to which a takaful fund or takaful certificate relates as may be specified by the Bank.

(2)

For the purposes of subsection (1), the Bank may specify what constitutes “receipts”, “income”, “assets”, “liabilities” or

“expenses” of the licensed takaful operator which are attributable to the business to which a takaful fund or takaful certificate relates, and the manner to determine or value the receipts, income, assets, liabilities or expenses.

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