Section 68
Section 68
(1)
Where the Authority issues a takaful operator a direction under section 66(1)(e)
by reason of the insolvency of the fund maintained by the takaful operator under this Order for either class of takaful business, the affairs of the takaful operator may be wound up by the High
Court under the Insolvency Order, 2016 as if it had suspended its business for a whole year or as if it had ceased to carry on business.
(2)
Where the Authority gives a takaful operator a direction under section 66(1)(e)
but, on a petition for the takaful operator to be wound up by the High Court, the High Court is satisfied that the takaful operator will be able to pay its debts in full within one year or such longer period as the High Court thinks reasonable, the High Court may (if it thinks fit) order the affairs of the takaful operator to be wound up only as regards the takaful fund maintained for the class of business to which the direction relates.
Incorporating amendments until S 1/2016
(Clean Version) NANI/Amiriah/Fiqah/Karimah as of 8th July 2019
65
BLUV as at 14th January 2016