Section 9

For the purposes of section 16(1) of the Order, the amount to be deposited by a takaful operator with the Authority -

(a} in respect of a takaful operator carrying on family takaful business, a minimum of $1,000,000; and

(bj in respect of a takaful operator carrying on general takaful business, a minimum of $1,000,000.

In addition, in respect of a takaful operator carrying on general takaful business, the minimum deposit from the year after registration shall be subject to 40 per cent of its contribution income net of payment on account of re~takaful in excess of an amount to be determined by the Minister.

If in a subsequent year there is a decrease in the net contribution income of the takaful operator, it shall be refunded the difference between 40 per cent of its contribution income in that year and that of the previous year.

Any refund as referred to at sub-regulation (3) will be subject to the takaful operator having satisfied the requirements of the Order relating to the pledging of assets to the appropriate takaful fund as well as satisfying the solvency requirements.

3065

Minimum paid-up share capital.