Section 14
Section 14
A person who is, or is to be, a chief executive or principal officer of takaful operator-
{a) shall have the educational qualifications and experience to enable him to satisfactorily discharge his responsibilities;
{b) shall not have held a position of responsibility in the management of any company which has been convicted of an offence under any written law during his tenure of office unless he proves that such offence was committed without his knowledge or consent and he was not in a position to prevent the offence;
{c) shall not have held a position of responsibility in the management of any company which during his tenure of office-
(i)
has defaulted in payment of any judgment against it;
(ii)
has suspended payment or has compounded with its creditors; or
(iii)
has had a receiver or manager appointed in respect of its property;
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{d) shall be available for full·time employment, and shall not carry on any other business or vocation, except as a non-executive director or shareholder of another company;
{e)
shall not be engaged actively in any political activity;
{f) shall not cause a conflict of interest situation with that of the takaful operator, either by himself or his wife, husband, father, mother, son or daughter;
(g)
shall not have acted in a manner which may cast doubt on his fitness to hold the position of chief executive or principal officer, or acted in blatant disregard for proper professional conduct, especially in dealings with participants, potential participants and named beneficiaries; and
{h) shall not have been a party to any action or decision of the management of the takaful operator which is detrimental to the interests of the takaful operator and its participants.
Discretion of Authority.