Takaful Rules, 2005
The Federal Government enacted the Takaful Rules, 2005 in exercise of the powers conferred by Sub-section (1) of Section 167 of the Insurance Ordinance, 2000 read with Clause LXIV of Section 2 and the second proviso to Section 120. These Rules defines classes and composite of Takaful business and requirements for carrying on business as Takaful operator. Every Takaful operator shall maintain proper books and records of its business. The provisions of Section 45 of the Insurance Ordinance 2000 shall apply to all Takaful operators. Rule 8 gives Takaful operational model. A Takaful operator shall maintain and administer two funds. One fund should be known as the Participants Takaful Fund and the other should be called as Shareholders Fund. In case of Family Takaful plans, the Participants Investment Fund related to the Participants Investment Account shall also be maintained.
