Islamic Banking Act · s 110

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s 110Indemnity and fidelity fund

(1)

The Authority may establish or cause to be established an indemnity and fidelity fund for the benefit of depositors or other persons to whom the Islamic bank may be liable upon such conditions as the Authority may think fit. The Authority may consult Islamic banks for the purpose of establishing such conditions.

(2)

The Authority may require any Islamic bank to enter into a takaful contract for the protection of depositors or other persons to whom the

Islamic bank may be liable in the conduct of its licensed business upon such

Islamic Banking 102

conditions as the Authority may think fit. The Authority may set different conditions in respect of any Islamic bank.