Section 12
( 1)
In determining, for a takaful operator or a controller of a takaful operator, whether a person is a fit and proper person to hold the position of a managing director, director, chief executive or principal officer pursuant to section 42 of the Order, regard shall be had to -
(a)
his probity, competence and soundness of judgment for fulfilling the responsibilities of that position;
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{b} the diligence with which he is fulfilling or likely to fulfill those responsibilities; and
{c) whether the interests of participants, potential participants, named beneficiaries and creditors, as the case may be, are likely to be in any way threatened by his holding that position.
(2)
Notwithstanding sub-regulation IlL a takaful operator shall also have regard to the criteria under regulations 13 and 14 in determining whether a person is a fit and proper person.
(3)
Without prejudice to the generality of sub-regulation (1), regard may be had to the previous business conduct and activities of that person and in particular to any evidence that he -
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{a} has compounded or been convicted, or as managing director, director, chief executive or principal officer, of a takaful operator or a controller of a takaful operator, has compounded or been convicted, of an offence under the Order, the Insurance Order, 2006 (S 48/06), the
Companies Act (Chapter 39), the Finance Companies Act (Chapter 89), or any other written law which is punishable with -
(i)
imprisonment for a term of one year or more, whether by itself or in addition to a fine; or
(ii)
a fine of $50,000 or more;
{b} has compounded or been convicted, or as managing director, director, chief executive or principal officer, of a takaful operator or a controller of a takaful operator has compounded or been convicted, of an offence under the Banking Order, 2006 (S 45/06) or the Islamic Banking
Order, 2008 which is punishable with-
(i)
imprisonment for a term of 6 months or more, whether by itself or in addition to a fine; or
(ii)
a fine of $10,000 or more;
{c} has engaged in any business practice appearing to the Authority to be deceitful, oppressive or otherwise improper, whether unlawful or not, or which otherwise reflects discredit on his method of conducting business; or
{d} has engaged in, or been associated with, any other business practice, or otherwise conducted himself in such a way, as to cause doubt as to his competence and soundness of judgment.
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Criteria for managing director or director of takaful operator.