Section 15
Section 15
(1)
A takaful operator shall not carry on investment-linked takaful business or annuity takaful business in Brunei Darussalam without the approval in writing of the Authority and subject to such conditions as he may impose.
(2)
In this section, “investment-linked takaful business” means the effecting and carrying out of a contract of family takaful under which the benefit payable to the participant is the greater between –
(a)
a specified minimum amount payable on death, on survival to a specified date, or at specified intervals; and
(b)
an amount which is determined by reference to the value at the relevant date of, or the income during the relevant period from, assets of a description specified in the certificate or in any related statement.
(3)
Any takaful operator who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000, 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.
Deposits, registers of certificates, takaful funds and re-takaful
Deposits.