Takaful Order, 2008 · s 55

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s 55

(1)

A takaful broker who collects money from a participant shall remit such moneys to the takaful operator within 30 days from the date of receipt of the contribution.

(2)

Any amount collected under subsection (1) is deemed to have been collected by the takaful operator.

(3)

Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6 months or both.

Takaful broking contribution accounts.