Takaful Order, 2008 · As enacted · Part III
7. Use of words "takaful" or "re-takaful"
Official textFrom Attorney General's Chambers, unchanged
No person other than a takaful operator registered under this Order shall, without the written consent of the Authority, use the word "takaful",
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;
"re-takaful" or any of its derivatives in any language, or any other word indicating that such person carries on takaful business in the name, description or title under which it carries on business in Brunei Darussalam or make any representation to such effect in any bill head, letterhead, paper, notice or advertisement or in any other manner:
re-takaful
"re-takaful" means an arrangement consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business;
Provided that nothing in the section shall prohibit an association of takaful operators from using the words "takaful 11
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;
, "re-takaful" or "underwriter" or any of their derivatives in any language as part of its name or description of its activities.
Every takaful operator and takaful intermediary registered under this
Order shall in every advertisement, letterhead, name-board, brochure or other publication indicate after its name whether it is a takaful operator, takaful broker or takaful intermediary for a takaful operator.
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;
Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000, imprisonment for a term not exceeding one year or both, and in the case of a continuing offence to a further fine not exceeding $1,000 for every day during which the offence continues after conviction.
Examination of persons suspected of carrying on takaful business.
takaful business
"takaful business" includes the business of takaful whose aims and operations are in accordance with Hukum Syara';
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;
re-takaful
Defined · s 2"re-takaful" means an arrangement consistent with sound takaful principles for re-takaful of liabilities in respect of risks undertaken or to be undertaken by the takaful operator in the course of his carrying on takaful business;
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 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;