CA-8.3.7

Past version: Effective from 01 Jul 2007 to 30 Sep 2008
To view other versions open the versions tab on the right

Where the CBB imposes a financial penalty on a takaful firm or requires a takaful firm to compensate participants for any wrongful act of the firm (including any wrongful act committed by an appointed representative of the firm), it must not pay that compensation or financial penalty from any takaful fund and it must not seek to have that compensation or financial penalty reimbursed as part of its management fees.

Amended: January 2007