PERINTAH PERKHIDMATAN KEWANGAN ISLAM (PENGECUALIAN) (AGRO CAPTIVE TAKAFUL LIMITED) 2024

“agritakaful” ertinya perlindungan takaful kepada petani dalam sektor pertanian daripada risiko kerugian dan kerosakan pada tanaman akibat daripada bencana alam termasuk kemarau, banjir atau serangan serangga perosak;

“ahli politik yang aktif” ertinya mana-mana orang yang menjadi ahli mana-mana badan perundangan persekutuan atau negeri atau yang memegang apa-apa jawatan atau kedudukan dalam suatu parti politik.

Labuan yang diperbadankan di bawah Akta Syarikat Labuan 1990 [Akta 441], daripada pemakaian perenggan 8(1)(a) Akta semata-mata bagi maksud untuk menjalankan perniagaan takaful berkenaan dengan penawaran skim agritakaful tertakluk pada syarat sebagaimana yang ditentukan dalam perenggan 4.

P.U. (A) 238 3

Jadual 7, perenggan 10(1) Jadual 8 dan perenggan 11

Jadual 9 Akta;

(ii)

garis panduan mengenai Product Transparency and

Disclosure yang dikeluarkan oleh Bank pada 31 Mei 2013;

P.U. (A) 238 6

(iii)

dokumen polisi mengenai

Fair

Treatment of

Financial Consumers yang dikeluarkan oleh Bank pada 6 November 2019;

(iv)

dokumen polisi mengenai Prohibited Business Conduct yang dikeluarkan oleh Bank pada 15 Julai 2016; dan

(v)

Bahagian B dokumen polisi mengenai Management of

Customer Information and Permitted Disclosures yang dikeluarkan oleh Bank pada 3 April 2023.

(2)

Bagi maksud subsubsubsubperenggan (1)(b)(vi)(A), “data utama” ertinya data berkenaan dengan pendapatan, pengeluaran, fi, caj dan butiran tuntutan melibatkan jumlah dan amaun mengikut lokasi.

Dibuat 13 Ogos 2024

[MOF.SID(R)700-1/1/31 JLD.2(31); PN(PU2)717/JLD.4]

DATUK SERI AMIR HAMZAH AZIZAN

Menteri Kewangan II

P.U. (A) 238 7

ISLAMIC FINANCIAL SERVICES ACT 2013

ISLAMIC FINANCIAL SERVICES (EXEMPTION)

(AGRO CAPTIVE TAKAFUL LIMITED) ORDER 2024

IN exercise of the powers conferred by section 274 of the Islamic Financial Services

Act 2013 [Act 759], the Minister, on the recommendation of the Bank, makes the following order:

Citation and commencement 1.

(1)

This order may be cited as the Islamic Financial Services (Exemption)

(Agro Captive Takaful Limited) Order 2024.

(2)

This Order has effect for the period from 13 September 2024

to 12 September 2027.

Interpretation 2.

In this Order—

“agritakaful” means takaful protection to the farmers in the agriculture sector against the risk of loss and damages to crops due to natural disasters including drought, flood or pest infestation;

“active politician” means any person who is a member of any federal or state legislative body or holding any office or position in a political party.

Exemption 3.

The

Minister exempts

Agro

Captive

Takaful

Limited

(LL18454), a Labuan company incorporated under the Labuan Companies Act 1990 [Act 441], from the application of paragraph 8(1)(a) of the Act solely for the purpose of carrying on takaful business in respect of the offering of the agritakaful scheme subject to the conditions as specified in paragraph 4.

P.U. (A) 238 8

Conditions of exemption 4.

(1)

The exemption under paragraph 3 is subject to the following conditions:

(a)

the scope of the agritakaful scheme shall be limited to the farmers in the paddy subsector only and the farmers that obtain financing or hold deposit accounts with Bank Pertanian Malaysia Berhad;

(b)

in relation to the management of the agritakaful scheme,

Agro Captive Takaful Limited shall—

(i)

ensure that any surplus of the agritakaful scheme shall be used for the purpose of meeting the obligations of

Agro Captive Takaful Limited to the claims made by the farmers who have participated in the agritakaful scheme throughout the period referred to in subparagraph 1(2);

(ii)

in the event there is any remaining surplus from the agritakaful scheme at the end of the period referred to in subparagraph 1(2), distribute such surplus according to the surplus sharing policy of the agritakaful scheme as agreed by the Bank including at least fifty per centum of the surplus being distributed to the farmers who have participated in the agritakaful scheme;

(iii)

not declare any dividend on its shares during the period referred to in subparagraph 1(2);

(iv)

ensure that the agritakaful scheme is in compliance with

Shariah at all times in terms of its aims, operations, affairs and business activities, and the agritakaful scheme shall be approved by the Shariah committee of the Bank Pertanian

P.U. (A) 238 9

Malaysia Berhad established under section 33F of the Development Financial Institution Act 2002 [Act 618];

(v)

conduct education and awareness programmes to farmers on the concept of takaful to ensure their understanding on the value and limits of a takaful protection; and

(vi)

submit to the Bank—

(A)

annual progress report of the agritakaful scheme against the annual key performance indicators for its implementation including the take-up rates, claims settlement period, claims ratio and key data on the agriculture scheme; and

(B)

measures to be taken to further strengthen the agritakaful scheme’s performance if the annual key performance indicators are not achieved;

(c)

if the agritakaful scheme is to be discontinued before the expiry of the period referred to in subparagraph 1(2), Agro Captive

Takaful Limited shall submit an exit notice to the Bank at least one (1) year before the actual period of discontinuation of the agritakaful scheme to minimise potential disruption in the agritakaful protection to the farmers;

(d)

Agro Captive Takaful Limited shall, continuously throughout the period referred to in paragraph 1(2), comply with the requirements imposed by the Bank including the prudential and consumer protection requirements—

(i)

by reviewing of its retakaful arrangement and ensure sufficient protection of the stop loss arrangement based

P.U. (A) 238 10

on the agritakaful scheme’s actual claims experience and latest climate change forecasts;

(ii)

by not appointing active politicians on its board of directors and senior management;

(iii)

by ensuring its intermediaries involved in the marketing and distribution of the agritakaful scheme possess the minimum qualification on takaful basic examinations and comply with the guidelines on

Continuous

Professional Development as specified by the Malaysian

Takaful Association; and

(iv)

by making a clear disclosure in all its marketing documents, its websites and contracts between

Agro Captive Takaful Limited and its customers that the agritakaful scheme is under the supervision of

Labuan Financial Services Authority; and

(e)

Agro Captive Takaful Limited shall, continously throughout the period referred to in subparagraph 1(2), comply with the requirements in—

(i)

Schedule 7, paragraph 10(1) of Schedule 8 and paragraph 11 of Schedule 9 of the Act;

(ii)

the guidelines on Product Transparency and Disclosure issued by the Bank on 31 May 2013;

(iii)

the policy document on Fair Treatment of Financial

Consumers issued by the Bank on 6 November 2019;

P.U. (A) 238 11

(iv)

the policy document on Prohibited Business Conduct issued by the Bank on 15 July 2016; and

(v)

Part B of the policy document on Management of Customer

Information and Permitted Disclosures issued by the Bank on 3 April 2023.

(2)

For the purposes of subsubsubsubparagraph (1)(b)(vi)(A), “key data”

means data in respect of income, outgo, fees, charges and claims details involving the number and amount according to location.

Made 13 August 2024

[MOF.SID(R)700-1/1/31 JLD.2(31); PN(PU2)717/JLD.4]

DATUK SERI AMIR HAMZAH AZIZAN

Finance Minister II