Section 14

If in the case of any operator, a bank licensed under the Islamic Banking Act 1983, makes with the Government an agreement in a form approved by the Director General, whereby the bank covenants with the Government to deposit with the Accountant General a specified sum in cash on account of the operator's deposit under this Act in respect of either class of takaful business, and the covenant complies with any requirements the Director General sees fit to impose as to the circumstances in which that sum is to be deposited, then for the purposes of this Act the operator shall be treated as having deposited under section 13 a sum of cash equal to that so covenanted for and the sum so covenanted for shall be recoverable notwithstanding that no consideration is furnished on the agreement.