212. Valuation of assets and liabilities

In the winding up of a licensed takaful operator, whether or not its licence is revoked and whether its shareholders’ fund or any takaful fund managed by it is insolvent or not, the value of the assets and liabilities of the shareholders’ fund and takaful fund, including liabilities in respect of takaful certificates, shall be ascertained on such basis as the Bank may determine and the law relating to bankruptcy or insolvency shall not apply to the valuation of the liabilities.