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  • BC-3.3 BC-3.3 Marketing and Promotion

    • BC-3.3.1

      An insurance firm may only offer takaful products if it is licensed to do so. An insurance intermediary may offer both conventional insurance and takaful products but must provide clear information to enable consumers to make informed choices.

      Amended: October 2007

    • BC-3.3.2

      Any comparison between takaful and conventional insurance products must draw the customer's attention to the principal differences between these products. These differences may include:

      (a) Whether there is a contractual right to claims or benefits or whether these are discretionary on the part of the firm;
      (b) The basis on which benefits and surpluses are allocated to, and between, policyholders and participants; and
      (c) Whether there is any future liability of policyholders (or participants), individually or collectively, for deficits in the policyholders' (participants') funds.
      Amended: January 2007
      Amended: October 2007