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  • ES-1.19 ES-1.19 Module TA — Takaful/retakaful

    • ES-1.19.1

      This Module provides a summary of Rules and Guidance applicable to takaful and retakaful business that are contained in the main subject Modules of Volume 3 (Insurance). Module TA (Takaful/retakaful) only contains Guidance material.

      Amended: January 2007

    • ES-1.19.2

      Module TA recognises the unique nature of the takaful/retakaful business and has carved out Rules in instances where conventional Rules could not be applied to a takaful entity.

      Amended: January 2007

    • ES-1.19.3

      Included in the Rules tailored to meet the requirements of the takaful industry are:

      (a) The requirement for takaful firms to have a Shari'a Supervisory Board in addition to a Board of Directors (Module HC); and
      (b) Capital and solvency Rules taking into account the participants' funds and the possibility of Qard Hassan from the shareholder fund in instances where the takaful fund does not fully meet the liquidity requirements (Module CA).
      Amended: April 2014
      Amended: January 2007