112. Approval required for business transfer scheme

No person shall enter into an agreement or arrangement for a scheme to transfer the whole or any part of the business of a licensed person, except with the prior written approval of the Bank.

For the purposes of subsection (1), in the case of a licensed international takaful operator or professional retakaful operator which is a foreign institution, a reference to “business” in subsection (1) is a reference to its Malaysian business as may be specified by the Bank.

The transferor and transferee shall jointly submit an application for the approval of the Bank together with such documents or information as may be specified by the Bank.

Where an agreement or arrangement for a business transfer scheme proposes to transfer the whole business, or a material part of the business of a licensed person, the Bank shall, prior to giving approval—

For the purpose of subsection (4), the Bank may, after consultation with the Minister, specify what constitutes a material part of the business of a licensed person.

The Bank may approve an application submitted under subsection (3), with or without conditions, or reject the application.

The Bank shall notify the transferor and transferee of its decision under subsection (6) in writing.