Takaful Order, 2008 · As enacted · Part III
6. Holding out as takaful operator
Official textFrom Attorney General's Chambers, unchanged
Where a company holds itself out to be a takaful operator in respect of family takaful business or general takaful business when it is not registered under this Order in respect of that business, the company shall be guilty of an offence, and every director, manager or officer of the company shall, unless he proves that the holding out by the company was made without his knowledge or consent, be guilty of an offence and shall be liable on conviction to a fine not exceeding
company
"company" means a company incorporated or registered under the Companies Act;
$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.
Terms defined in s 2
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 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;