Section 56
Section 56
(1)
Subject to subsection (2), every registered takaful broker which receives any money –
(a)
from or on behalf of a participant or intending participant for or on account of a takaful operator in connection with a contract of takaful or proposed contract of takaful; or
(b)
from or on behalf of a takaful operator for or on account of a participant or intending participant, shall for the purposes of this section establish and maintain a separate account with a bank licensed under the Banking Order, 2006 (S 45/06), Islamic Banking Order, 2008 or with such other financial institution as may be prescribed.
(2)
Any registered takaful broker which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000.