Takaful Order, 2008 · s 23

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23.
Requirements as to assets of takaful funds
( 1)
The assets of any takaful fund under this Order shall be kept separate from all other assets of the takaful operator, and shall not include assets comprised in a deposit under this Order except as provided by subsection (5), nor any amounts on account of goodwill, the benefit of development expenditure or similar items not realisable apart from the business or part of the business of the takaful operator.
(2)
The assets of any takaful fund established in respect of general business shall not include any amount representing the total of outstanding contributions and agents' balances which is in excess of any amount prescribed by the
Authority.
(3)
Subject to section 27, the assets of any takaful fund shall be such that-
{a} the value of Brunei Darussalam assets as specified in the
Third Schedule, with any such additions as are permitted by subsection (4), is not less than any amount prescribed; and
{b} the value of investments in securities of the Government or of a body incorporated in Brunei Darussalam which is not contrary to Hukum
Syara' is not less than 25 per cent of the total value of the assets of the fund.
(4)
For the purpose of subsection (3), there may be added to the value of items specified in the Third Schedule the amount or value of any assets of the fund of the following descriptions -
{a} income arising from those assets but not yet received;
2999

{b) outstanding contribution on family certificates on which future liabilities may be met out of the assets of the fund, being contributions which are to be paid in Brunei Darussalam currency;
{c)
outstanding contributions and agents' balances in respect of
Brunei Darussalam certificates for general business, but not exceeding the amount permitted in subsection (2);
{d)
sums representing claims recoveries from re-takaful in or outside
Brunei Darussalam.
(5)
The Authority may, in respect of assets of any takaful fund, require a takaful operator -
fa)
not to make investments contrary to Hukum Syara, of a specified class or description;
{b) to realise, before the expiration of a specified period or such extended period as the Authority may allow, the whole or a specified proportion of investments not contrary to Hukum Syara' of a specified class or description held by the takaful operator when the requirement is made.
(6)
For the purposes of this section, the assets representing any re-takaful deposit held by the takaful operator to meet liabilities of a takaful fund shall be treated as assets of the fund.

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s 23Requirements as to assets of takaful funds

( 1)

The assets of any takaful fund under this Order shall be kept separate from all other assets of the takaful operator, and shall not include assets comprised in a deposit under this Order except as provided by subsection (5), nor any amounts on account of goodwill, the benefit of development expenditure or similar items not realisable apart from the business or part of the business of the takaful operator.

(2)

The assets of any takaful fund established in respect of general business shall not include any amount representing the total of outstanding contributions and agents' balances which is in excess of any amount prescribed by the

Authority.

(3)

Subject to section 27, the assets of any takaful fund shall be such that-

{a} the value of Brunei Darussalam assets as specified in the

Third Schedule, with any such additions as are permitted by subsection (4), is not less than any amount prescribed; and

{b} the value of investments in securities of the Government or of a body incorporated in Brunei Darussalam which is not contrary to Hukum

Syara' is not less than 25 per cent of the total value of the assets of the fund.

(4)

For the purpose of subsection (3), there may be added to the value of items specified in the Third Schedule the amount or value of any assets of the fund of the following descriptions -

{a} income arising from those assets but not yet received;

2999

{b) outstanding contribution on family certificates on which future liabilities may be met out of the assets of the fund, being contributions which are to be paid in Brunei Darussalam currency;

{c)

outstanding contributions and agents' balances in respect of

Brunei Darussalam certificates for general business, but not exceeding the amount permitted in subsection (2);

{d)

sums representing claims recoveries from re-takaful in or outside

Brunei Darussalam.

(5)

The Authority may, in respect of assets of any takaful fund, require a takaful operator -

fa)

not to make investments contrary to Hukum Syara, of a specified class or description;

{b) to realise, before the expiration of a specified period or such extended period as the Authority may allow, the whole or a specified proportion of investments not contrary to Hukum Syara' of a specified class or description held by the takaful operator when the requirement is made.

(6)

For the purposes of this section, the assets representing any re-takaful deposit held by the takaful operator to meet liabilities of a takaful fund shall be treated as assets of the fund.