Section 26

A takaful operator which has, or a director of a takaful operator who has, prior to the commencement of this Order, entered into a transaction or has an interest contrary to the provisions of sections 24 or 25, shall within 2 months of such commencement, submit a statement of that transaction or interest to the Authority and that takaful operator or director, as the case may be, shall further within that time or such further time as the Authority may specify, liquidate the transaction, cease to have the interest or comply with the provisions of those sections, and dispose of any property or right that may have been acquired or interest that may have been held.

Any person who fails to comply with the provisions of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000, and in

Incorporating amendments until S 1/2016

(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019

29

BLUV as at 14th January 2016

the case of a continuing offence to a further fine not exceeding $4,000 for every day during which the offence continues after conviction.

Requirements as to documents evidencing title to assets of takaful funds.