Takaful Order, 2008 · As enacted · Part III
Section 50
Official textFrom Attorney General's Chambers, unchanged
No takaful intermediary shall invite any person to make an offer or proposal to enter into a contract of takaful without disclosing to the person all material information, including-
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;
{a} the name of the takaful operator;
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;
{b) his relationship with the takaful operator;
{c) the contribution charged by the takaful operator; and
{d) such other information as may be prescribed or specified in directions.
{2)
Any person who fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000, imprisonment for a term not exceeding 6 months or both.
Takaful intermediary in takaful transactions.
Terms defined in s 2
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;