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  • Other Requirements

    • CA-8.4.12

      In cases where a Qard Hassan has been granted to the participants' fund(s), any income generated from the assets forming part of the Qard Hassan (free loan), will be solely for the benefit of the participants' fund, and should be recorded as investment income of the participants' fund. The total investment income being generated by the participants' fund will however be subject to a Mudaraba fee as approved by the Shari'a Board (see Paragraph CA-8.2.4).

      Amended: April 2014
      Amended: October 2008
      Amended: January 2007

    • CA-8.4.13

      A participants' fund is prohibited from providing any form of credit by way of loan, guarantee or other instrument to another participants' fund or to any other party, including but not limited to:

      (a) The Takaful operator (i.e. the shareholder fund);
      (b) A person in a controlled function;
      (c) A participant (policyholder) except as provided under Paragraph CA-8.4.14; and
      (d) A controller or close link of the Takaful firm.
      Amended: April 2014
      Amended: October 2008
      Amended: January 2007

    • CA-8.4.14

      In the case of Family Takaful, a participant credit facility (policyholder loan) may be granted should the contract of insurance allow for such event to take place and the contract outlines the various conditions attached to such credit.

      Amended: April 2014
      Amended: October 2008
      Amended: January 2007

    • CA-8.4.15

      The Rule under Paragraph CA-8.4.13 does not restrict the participants' funds from providing any form of commitment associated with investment projects/funds.

      Added: April 2014