Takaful Order, 2008 · As enacted · Part III
31. (1)
Official textFrom Attorney General's Chambers, unchanged
In the case of a family takaful certificate issued as a Brunei Darussalam certificate after the commencement of this Order, to a participant who is a citizen of Brunei Darussalam, any certificate moneys or moneys payable on the surrender of the certificate shall, notwithstanding anything in the certificate or in any agreement relating thereto, be paid in Brunei Darussalam currency, unless at the time of payment it is otherwise agreed between the takaful operator and the person entitled to the payment.
family takaful
"family takaful" means takaful for financial aid and assistance to a participant and his family in case of his accidental death or disablement;
Where a takaful operator satisfies the Authority as regards any family takaful certificate registered under this Order by the takaful operator that the certificate moneys (including any moneys payable on the surrender of the certificate) are not, under the certificate or any agreement relating thereto, to be paid in Brunei Darussalam currency, then for the purpose of section 23(3) there shall be disregarded from the value the assets of the relevant takaful fund such amount as is equal to the value of the takaful operator's liability in respect of the certificate determined on a basis approved by the Authority.
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;
Assumption of risk by takaful operator and collection and refund of contribution.
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;
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 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;