Takaful Order, 2008 · As enacted · Part III
17. Bank covenants in lieu of deposits
Official textFrom Attorney General's Chambers, unchanged
If, in the case of any takaful operator, a bank licensed under any written law relating to banking makes an agreement with the Authority in a form approved by the Authority whereby that bank covenants to deposit under section 16 with the Authority a specified sum in cash on account of the takaful operator's deposit in respect of either class of takaful business, and the covenant complies with any conditions the Authority may impose as to the circumstances in which that sum is to be deposited, then for the purpose of this Order that takaful operator shall be treated as having made the deposit under section 16 and the sum so covenanted shall be recoverable notwithstanding that no consideration was furnished on the agreement.
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;
Any sum deposited by a bank in pursuance of an agreement made under subsection (1) shall be dealt with under or for the purposes of this Order as if it were a sum deposited by the takaful operator under section 16.
Requirements in respect of takaful products.
takaful
"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;
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;
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;