5. Classification of, and construction of references to, takaful business

family takaful business, which in addition to all takaful business concerned with family takaful certificates shall include any type of takaful business carried on as incidental only to the family takaful operator’s business;

general takaful business, which means all takaful business which is not family takaful business.

a reference to carrying on takaful business includes all or any of the following activities carried on by way of business:

receiving proposals to participate in takaful arrangements;

negotiating on proposals to participate in takaful arrangements on behalf of a takaful operator;

issuing of takaful certificates for takaful arrangements;

collection or receipt of takaful contributions on takaful certificates for takaful arrangements; or

settlement or recovery of takaful claims on takaful certificates for takaful arrangements, but, subject to paragraph (c), does not include the carrying on of such activity by a person on behalf of a takaful operator;

a person is deemed to carry out any or all of the activities set out in paragraph 5(4)(a) by way of business if he—

engages in such activity in a manner which in itself constitutes the carrying on of a business;

holds himself out as willing and able to engage in such activity; or

regularly solicits other persons to engage with him in transactions constituting such activity; and

a reference to carrying on takaful business includes carrying it on through an agent, or as an agent, but “takaful operator”

the Minister may, on the recommendation of the Bank, prescribe any business or activity as takaful business;

the Bank may determine such business or activity to belong to a particular class referred to in subsection (1) or description, of takaful business; and

the businesses set out in Schedule 4 shall not be treated as takaful business.