Takaful Order, 2008 · As enacted · Part III
8. (1)
Official textFrom Attorney General's Chambers, unchanged
Whenever the Authority has reason to suspect or believe that a person is carrying on takaful business without having been registered under this Order, he may call for or inspect the books, accounts and records of that person in order to ascertain whether or not that person has contravened any provision of this
Authority
"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;
Order.
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Any person who wilfully refuses to submit such books, accounts and records or to allow the inspection thereof shall be guilty of an offence and liable on conviction to a fine not exceeding $20,000, imprisonment for a term not exceeding one year or both, and in the case of a continuing offence to a further fine not exceeding $4,000 for every day during which the offence continues after conviction.
Registration of takaful operators
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;
Registration by Authority.
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;
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';