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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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  • IFR 8 Takaful Insurance

    • IFR 8.1 Application

      • IFR 8.1.1

        (1) This chapter applies to a PersonG who carries on or holds out as carrying on Insurance BusinessG or Insurance IntermediationG as Takaful InsuranceG .
        (2) In addition to the requirements in this chapter, the requirements that apply to conventional Insurance BusinessG or Insurance IntermediationG continue to apply to such a PersonG .
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

    • IFR 8.2 Specific Disclosure for Takaful Insurance

      • IFR 8.2.1

        Where an InsurerG or an Insurance IntermediaryG conducts Takaful InsuranceG with a Retail ClientG , the disclosure for the purposes of COB section 7.7 must include:

        (a) the nature of the contracts between the TakafulG fund and the operator;
        (b) the method of calculation of any fees or share of profits paid from the TakafulG fund to the operator;
        (c) the basis on which any surpluses in the TakafulG fund will be shared; and
        (d) any circumstances in which additional contributions to the TakafulG fund may be required.
        Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]

        • IFR 8.2.1 Guidance

          1. Firms conducting Insurance BusinessG comprising TakafulG must comply with the requirements in PIN. TakafulG related prudential requirements are not included in this module because of the closely integrated nature of such requirements with the requirements that apply to conventional insurance.
          2. Note that structures of Takaful InsurersG (including reinsurers) vary, as do the Islamic contracts governing their business. As the DFSA has not as yet thought it appropriate to limit the permissible structures and contracts, the DFSA is willing to consider modifications to its Rules to apply the most appropriate prudential regime to a TakafulG entity. For many TakafulG companies, this is likely to involve capital tests at the level of the Takaful participants' fund or funds, and for the firm as a whole.
          Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]