Takaful Order, 2008 · As enacted · Part III
Section 5
Official textFrom Attorney General's Chambers, unchanged
Subject to this Order, no person shall carry on any class of takaful business in Brunei Darussalam as a takaful operator unless he is registered as a company under the Companies Act (Chapter 39).
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
No such company shall carry on family takaful business or general takaful business in Brunei Darussalam as a takaful operator unless-
company
"company" means a company incorporated or registered under the Companies Act;
it has been registered under this Order in respect of that class of business;
it maintains a surplus of assets over liabilities of not less than such amount as may be prescribed;
it has the deposit required by this Order in respect of it; and
it is a member of an association of takaful operators approved by the Authority, provided that this paragraph shall not apply until such an association has been established.
For the purpose of subsection (2J(b), the surplus of assets shall be in the form of cash or securities specified in the Third Schedule.
For the purpose of this section, the value of takaful assets and liabilities may be determined on a basis to be prescribed.
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;
No takaful operator shall carry on takaful business unless it has a
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;
Syariah advisory body to advise it on the operation of its takaful business in order to ensure that it does not contain any element which is contrary to Hukum Syara~
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000, imprisonment for a term not exceeding 3 years or both, and in the case of a continuing offence to a further fine not exceeding $2,000 for every day during which the offence continues after conviction.
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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;
company
Defined · s 2"company" means a company incorporated or registered under the Companies Act;
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;
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;