Takaful Order, 2008 · As enacted · Part III
10. Requirements before registration
Official textFrom Attorney General's Chambers, unchanged
The Authority shall not register an applicant under section 9, unless 2989
Authority
"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
(a} the applicant is a company as defined in the Companies Act
company
"company" means a company incorporated or registered under the Companies Act;
(Chapter 39) or a company incorporated outside Brunei Darussalam which has an established place of business in Brunei Darussalam;
the applicant has a surplus of assets over liabilities of not less than such amount as may be determined by the Authority; and
the applicant has made the deposit required by section 16.
that the aims and operations of the takaful business which the applicant is desired to carry on will not involve any element which is contrary to Hukum Syara'; and
that there is in the Articles of Association of the company provisions for the establishment of a Syariah advisory body to advise the takaful operator on the operation of its takaful business in order to ensure that it does not involve any element which is contrary to Hukum Syara'.
For the purpose of subsection (1)(b), different amounts may be prescribed for different classes of takaful business or for different types of takaful operators.
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
Terms defined in s 2
Authority
Defined · s 2"Authority" means such person as is appointed by His Majesty the Sultan and Yang Di-Pertuan under section 4(1) to be the Authority for the purposes of this Order;
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
takaful
Defined · s 2"takaful" means a scheme in accordance to Hukum Syara' based on brotherhood, solidarity and mutual assistance which provides for mutual financial aid and assistance to the participants in case of need whereby the participants mutually agree to contribute for the purpose;
takaful business
Defined · s 2"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
takaful operator
Defined · s 2"takaful operator" means a takaful operator which has been registered by the Authority under this Order; 11Undertakingn shall be construed in accordance with Part III of the First Schedule;