Islamic Financial Services Act 2013 · s 213

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213.
Termination of takaful certificate
(1) A takaful certificate of a licensed takaful operator shall cease to remain in force with effect from the date a winding up order has been made in respect of the licensed takaful operator.
(2) Where a takaful certificate ceases to be in force under subsection (1), the takaful participant shall only be eligible to claim as a debt due to him—

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016
[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

186
(a) in the case of a general takaful certificate, a refund of a portion of the takaful contribution that is commensurate with the remaining period of the takaful certificate;
(b) in the case of a family takaful certificate, the value of that family takaful certificate;
(c) the value of the investments or savings held separately in respect of the takaful certificate; or
(d) any other refund or amount, which shall be ascertained on such basis as may be prescribed by the
Bank.
(3) The liquidator shall notify each takaful participant and, in the case of a group takaful certificate, the group takaful participant, about the cessation of the takaful certificate by registered post to his last known address of residence or office and by publication in such newspapers as may be specified by the Bank.

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s 213Termination of takaful certificate

(1)

A takaful certificate of a licensed takaful operator shall cease to remain in force with effect from the date a winding up order has been made in respect of the licensed takaful operator.

(2)

Where a takaful certificate ceases to be in force under subsection (1), the takaful participant shall only be eligible to claim as a debt due to him—

*NOTE—The Companies Act 1965 [Act 125] has since been repealed by the Companies Act 2016

[Act 777] which comes into operation on 31 January 2017–see subsection 620(1) of Act 777.

186

(a)

in the case of a general takaful certificate, a refund of a portion of the takaful contribution that is commensurate with the remaining period of the takaful certificate;

(b)

in the case of a family takaful certificate, the value of that family takaful certificate;

(c)

the value of the investments or savings held separately in respect of the takaful certificate; or

(d)

any other refund or amount, which shall be ascertained on such basis as may be prescribed by the

Bank.

(3)

The liquidator shall notify each takaful participant and, in the case of a group takaful certificate, the group takaful participant, about the cessation of the takaful certificate by registered post to his last known address of residence or office and by publication in such newspapers as may be specified by the Bank.