Section 17

If, in the case of any takaful operator, a bank licensed under any written law relating to banking makes an agreement with the Authority in a form approved by the Authority whereby that bank covenants to deposit under section 16 with the Authority a specified sum in cash on account of the takaful operator’s deposit in respect of either class of takaful business, and the covenant complies with any conditions the Authority may impose as to the circumstances in which that sum is to be deposited, then for the purpose of this Order that takaful operator shall be treated as having made the deposit under section 16 and the sum so covenanted shall be recoverable notwithstanding that no consideration was furnished on the agreement.

Any sum deposited by a bank in pursuance of an agreement made under subsection (1) shall be dealt with under or for the purposes of this Order as if it were a sum deposited by the takaful operator under section 16.

Requirements in respect of takaful products.