Section 25

Every director of a takaful operator who in any manner whatsoever has an interest, whether directly or indirectly, in an advance, a loan or a financing facility from that takaful operator shall as soon as practicable make to the takaful operator a declaration in writing as to the nature and extent of his interest, and the takaful operator shall within 7 days of its receipt furnish copies of that declaration to the Authority, its auditor and all its directors.

For the purpose of subsection (1), a general notice given to the board of directors of a takaful operator by a director to the effect that he has an interest in a specified enterprise, undertaking, firm or company and that he is to be regarded as having an interest in an advance, a loan or a financing facility which may, after the date of the notice, be granted to that enterprise, undertaking, firm or company shall be deemed to be sufficient declaration of interest in relation to the advance, loan or financing facility so granted if-

Every director of a takaful operator who holds an office or possesses any property whereby, whether directly or indirectly, a duty or an interest may arise in conflict with his duty or interest as such, the director shall declare at a meeting of the directors of the takaful operator the fact, nature and extent of the conflict which may arise.

A declaration referred to in subsection (3) shall be made at the first meeting of the directors held

The secretary to the board of directors of the takaful operator shall cause any declaration made or notice given under this section to be read at the 3002

Any director or secretary to a board of directors who acts in contravention of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, imprisonment not exceeding 3 years or both.