Takaful Order, 2008 · As enacted · Part III
Section 15
Official textFrom Attorney General's Chambers, unchanged
A takaful operator shall not carry on investment-linked takaful business or annuity takaful business in Brunei Darussalam without the approval in writing of the Authority and subject to such conditions as he may impose.
takaful operator
"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;
In this section, "investment-linked takaful business" means the effecting and carrying out of a contract of family takaful under which the benefit payable to the participant is the greater between -
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
(a}
a specified minimum amount payable on death, on survival to a specified date, or at specified intervals; and
an amount which is determined by reference to the value at the relevant date of, or the income during the relevant period from, assets of a description specified in the certificate or in any related statement.
2992
Deposits, registers of certificates, takaful funds and re-takaful
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;
family takaful
Defined · s 2"family takaful" means takaful for financial aid and assistance to a participant and his family in case of his accidental death or disablement;
participant
Defined · s 2"participant" includes, where a certificate has been assigned, the assignee for the time being and, where they are entitled as against the takaful operator to the benefit of the certificate, the personal representatives of a deceased participant;
re-takaful
Defined · s 2"re-takaful" means an arrangement consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business;
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;