Article 77 - Takaful

(1) This Article applies to any Insurer that—
(a) is an Islamic Financial Institution which conducts Islamic Financial Business which is Insurance Business; or
(b) is an Authorised Firm which conducts Insurance Business by means of an Islamic Window and complies with Chapter 8 of the Islamic Finance Rules 2005.
(2) An Insurer meeting the requirements of Article 77(1) shall be referred to as a Takaful Entity.
(3) A Takaful Entity shall set off the net surplus or deficit attributable to Takaful Business for an Accounting Period against Chargeable Profits of the same Accounting Period.
(4) Takaful Business for the purposes of this Article shall mean the Insurance Business referred to in Article 77(1)(a) or Article 77(1)(b) as applicable, and carried on by the relevant Islamic Financial Institution or Authorised Firm referred to in Article 77(1)(a) or Article 77(1)(b), as applicable.
Amended (as from 18th June 2014)