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  • TA-3.2 TA-3.2 Business Conduct

    • TA-3.2.1

      The Business Conduct Module comprises general rules (BC-1) and a Code of Practice (BC-2). These rules apply in full to all insurance licensees with special provisions applicable to takaful firms.

      Rulebook Reference BC-A.1
      Amended: January 2007

    • TA-3.2.2

      The use of the terms 'takaful', 'retakaful', 'general takaful' and 'family takaful' may only be used to describe the products of insurance firms that are Islamic financial institutions within the meaning of the CBB Rulebook.

      Rulebook Reference BC-3.2
      Amended: January 2007

    • TA-3.2.3

      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.

      Rulebook Reference BC-3.3

    • TA-3.2.4

      Takaful firms must provide participants and shareholders with clear information about the performance of their business. This information must, as a minimum, comply with relevant AAOIFI standards, in particular Standard 13 (Disclosure of Bases for Determining and Allocating Surplus or Deficit in Islamic Insurance Companies) and Standard 12 (General Presentation and Disclosure in the Financial Statements of Islamic Insurance Companies).

      Rulebook Reference BC-3.4
      Amended: January 2007