CA-8.4.10
Past version: Effective from 01 Oct 2008 to 31 Mar 2014
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A
(a) The loans are free loans, established in accordance with Islamic principles, and the Shari'a Supervisory Board approves the terms and conditions of those loans;
(b) The loans rank for repayment upon winding up of the company only ahead of the ordinary shares of the company and, for the avoidance of doubt, must be subordinated to all participants and other creditor obligations of the Takaful fund;
(c) Where loans have been made to a Takaful fund or funds and those loans have not been counted as a liability of the relevant fund(s) then an equivalent amount must be deducted from the capital resources of the company, i.e. shareholder capital resources; and
(d) Where loans have been made to a Takaful fund or funds those loans can only be repaid out of future surpluses of the relevant Takaful fund or funds.
Amended: January 2007
Amended: October 2008
Amended: October 2008