Islamic Financial Services Act 2013 · s 92

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92.
Requirements relating to takaful funds
(1) A takaful fund established under section 90 shall be maintained and managed by a licensed takaful operator on behalf of and in the best interests of the takaful participants and the licensed takaful operator shall—
(a) pay into a takaful fund all receipts in respect of takaful certificates to which the takaful fund relates and which are issued by it or under which the takaful fund has undertaken liability, including all income of that takaful fund;
(b) maintain at all times assets in a takaful fund of a value equivalent to or higher than the liabilities of that takaful fund;

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(c) apply the assets of a takaful fund only to meet the liabilities and expenses properly incurred by that takaful fund; and
(d) comply with such other requirements as may be specified by the
Bank under paragraph 57(2)(g)
including requirements on the types of assets to be, or not to be included, as assets of a takaful fund.
(2) For the purposes of subsection (1), the Bank may specify what constitutes “receipts”, “income”, “liabilities” or “expenses”
of the takaful fund 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.
(3) Unless the Bank otherwise approves, a licensed takaful operator shall maintain a takaful fund established under section 90
so long as it is under liability in respect of any takaful certificate or takaful claim relating to that takaful fund.

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s 92Requirements relating to takaful funds

(1)

A takaful fund established under section 90 shall be maintained and managed by a licensed takaful operator on behalf of and in the best interests of the takaful participants and the licensed takaful operator shall—

(a)

pay into a takaful fund all receipts in respect of takaful certificates to which the takaful fund relates and which are issued by it or under which the takaful fund has undertaken liability, including all income of that takaful fund;

(b)

maintain at all times assets in a takaful fund of a value equivalent to or higher than the liabilities of that takaful fund;

Islamic Financial Services 105

(c)

apply the assets of a takaful fund only to meet the liabilities and expenses properly incurred by that takaful fund; and

(d)

comply with such other requirements as may be specified by the

Bank under paragraph 57(2)(g)

including requirements on the types of assets to be, or not to be included, as assets of a takaful fund.

(2)

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

of the takaful fund 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.

(3)

Unless the Bank otherwise approves, a licensed takaful operator shall maintain a takaful fund established under section 90

so long as it is under liability in respect of any takaful certificate or takaful claim relating to that takaful fund.