Takaful Order, 2008 · As enacted · Part I
3. Classification of takaful business and construction of references to matters connected with takaful
Official textFrom Attorney General's Chambers, unchanged
For the purposes of this Order, takaful business shall be divided into 2 classes-
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
family takaful business which, in addition to all takaful business concerned with family takaful certificates shall include, in the case of any takaful operator, any type of takaful business carried on as incidental only to the takaful operator's other family takaful business; and
general takaful business, that is to say all takaful business which is not family takaful business.
For the purposes of this Order, the re-takaful of liabilities under takaful certificates shall be treated as takaful business of the class and type to which the certificates would have belonged if they had been issued by the re-takaful operator.
re-takaful
"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;
Notwithstanding anything in subsections (1} and (2), if the Authority is satisfied that any part of a takaful operator's business which belongs to a particular class or type of takaful business ought in the takaful operator's case to be treated as belonging to another class or type, the Authority may direct that it shall be so treated for the purposes of this Order.
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;
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For the purposes of this Order, references to carrying on takaful business include carrying it on through an agent, or as agent; but "takaful operator" shall not include a takaful agent as such nor, in the case of a person who is both takaful operator and takaful agent, have references to business done as takaful agent.
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;
For the purposes of this Order, "takaful operator" means a person who carries on takaful business as a takaful operator; and references to carrying on takaful business, or any class of takaful business, in Brunei Darussalam mean the receipt of proposals for, or issuing of, takaful certificates in Brunei Darussalam or the collection or receipt in Brunei Darussalam of contributions on takaful certificates.
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;
(6}
The operation, otherwise than for profit, of a scheme or arrangement relating to service in particular offices or employments, and having for its object or one of its objects to make provision in respect of persons serving therein against future retirement or partial retirement, or against future termination of service through death or disability, of against similar matters, shall not be treated for the purposes of this Order as carrying on takaful business.
(7}
The definitions set out in the Second Schedule shall have effect for the construction of references in this Order to takaful certificates, participants and certificate moneys.
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;
general takaful
Defined · s 2"general takaful" means takaful for financial aid and assistance to a participant in case of loss or damage caused to his property, assets or body due to a casuality or disaster such as fire, flood, accident;
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 agent
Defined · s 2"takaful agent" means a person who does all or any of the following - (a) solicits or obtains a proposal for takaful on behalf of a takaful operator; (b) offers or assumes to act on behalf of a takaful operator in negotiating a certificate; (c) does any act on behalf of a takaful operator in relation to the issuance, renewal or continuance of a certificate;
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;