Section 5
Section 5
(1)
Subject to this Order, no person shall carry on any class of takaful business in
Brunei Darussalam as a takaful operator unless he is registered as a company under the
Companies Act (Chapter 39).
(2)
No such company shall carry on family takaful business or general takaful business in Brunei Darussalam as a takaful operator unless –
(a)
it has been registered under this Order in respect of that class of business;
(b)
it maintains a surplus of assets over liabilities of not less than such amount as may be prescribed;
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
9
BLUV as at 14th January 2016
(c)
it has the deposit required by this Order in respect of it; and
(d)
it is a member of an association of takaful operators approved by the
Authority, provided that this paragraph shall not apply until such an association has been established.
(3)
For the purpose of subsection (2)(b), the surplus of assets shall be in the form of cash or securities specified in the Third Schedule.
(4)
For the purpose of this section, the value of takaful assets and liabilities may be determined on a basis to be prescribed.
(5)
No takaful operator shall carry on takaful business unless it has a Syariah advisory body to advise it on the operation of its takaful business in order to ensure that it does not contain any element which is contrary to Hukum Syara’.
(6)
Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000, imprisonment for a term not exceeding 3 years or both, and in the case of a continuing offence to a further fine not exceeding
$2,000 for every day during which the offence continues after conviction.
Holding out as takaful operator.