Islamic Financial Services Act 2013 · s 16

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s 16Licensed takaful operator to carry on family takaful or general takaful business

(1)

A licensed takaful operator, other than a licensed professional retakaful operator, shall not carry on both family takaful business and general takaful business.

(2)

Notwithstanding subsection (1), a licensed family takaful operator may carry on the general takaful business relating to medical by reason of disease or sickness or medical expenses subject to such requirements and conditions as may be specified by the Bank.

(3)

Any licensed takaful operator who contravenes subsection (1)

commits an offence and shall, on conviction, be liable to imprisonment for a term not exceeding eight years or to a fine not exceeding twenty-five million ringgit or to both.