Takaful Order, 2008 · As enacted · Part III
Section 56
Official textFrom Attorney General's Chambers, unchanged
Subject to subsection (2), every registered takaful broker which receives any money-
takaful broker
"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
{a) from or on behalf of a participant or intending participant for or on account of a takaful operator in connection with a contract of takaful or proposed contract of takaful; or
participant
"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;
{b) from or on behalf of a takaful operator for or on account of a participant or intending participant, shall for the purposes of this section establish and maintain a separate account with a bank licensed under the Banking Order, 2006 (S 45/06), Islamic Banking
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;
Order, 2008 or with such other financial institution as may be prescribed.
Any registered takaful broker which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding
$25,000.
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Terms defined in s 2
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 broker
Defined · s 2"takaful broker" means any company who, for compensation as an independent contractor, in any manner solicits, negotiates or procures takaful contracts or the renewal or continuance thereof on behalf of a takaful operator other than himself;
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;