85. Segregation of takaful fund

Terms defined in this Act

• deposit

  deposit

  Defined · s 60

  “deposit” means a sum of money received or paid on terms in compliance with Syariah principles— (a) under which it will be paid or repaid, with or without profits or at a premium or discount; or (b) under which it is payable or repayable, either wholly or in part, with any consideration in money or money’s worth, and such payment or repayment being either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it, regardless whether the transaction is described as a financing, an advance, an investment, a saving, a sale or a sale and repurchase, but does not include money paid bona fide— (A) by way of an advance or a part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is not or are not in fact sold, hired or otherwise provided; (B) by way of security for the performance of a contract or by way of security in respect of any loss which may result from the non-performance of a contract; (C) without prejudice to paragraph (B), by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise; and (D) in such other circumstances, or to or by such other person, as the Authority may specify;

  Open s 60
• development

  development

  Defined · s 60

  “development” includes the commencement of any new industrial, agricultural, commercial or other economic venture or the expansion or improvement of any such existing venture;

  Open s 60
• established

  established

  Defined · s 2

  “established”, in relation to a person specified in the first column of the First Schedule, has the meaning set out in the third column of the First Schedule as against such person;

  Open s 2
• family takaful business

  family takaful business

  Defined · s 76

  “family takaful business” means takaful business relating to family takaful;

  Open s 76
• general takaful business

  general takaful business

  Defined · s 76

  “general takaful business” means takaful business which is not a family takaful business but includes takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries;

  Open s 76
• Labuan retakaful operator

  Labuan retakaful operator

  Defined · s 76

  “Labuan retakaful operator” means a Labuan takaful operator carrying on Labuan retakaful business;

  Open s 76
• Labuan takaful operator

  Labuan takaful operator

  Defined · s 76

  “Labuan takaful operator” means a person who is licensed to carry on Labuan takaful business;

  Open s 76
• takaful

  takaful

  Defined · s 76

  “takaful” means a scheme in compliance with Syariah principles based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for that purpose;

  Open s 76