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Labuan General Takaful Business
A Labuan general takaful business is defined as a takaful business that is not a family takaful business, but includes a takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries.
- Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
- Applicant must be a member of the Labuan International Insurance Association.
- Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
- Applicant for a licence to carry on a general takaful business in Labuan must:
- establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
- appoint a licensed Labuan takaful underwriting manager.
- Appointment of any person in control, director or principal officer (PO) of a Labuan general takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan general takaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
- The person in control, director and PO of a Labuan general takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
- Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
- Type of FeesAmountAnnual FeeRM50,000USD15,000
Labuan Family Takaful Business
A Labuan family takaful business is defined as a takaful business relating to family takaful. Family takaful means takaful for the benefit of the individual and his or her family.
- Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM7.5 million or its equivalent in any foreign currency.
- Applicant must be a member of the Labuan International Insurance Association.
- Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
- Applicant for a licence to carry on a family takaful business in Labuan must:
- establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
- appoint a licensed Labuan takaful underwriting manager.
- Appointment of any person in control, director or principal officer (PO) of a Labuan family takaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan family takaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
- The person in control, director and PO of a Labuan family takaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
- Type of FeesAmountAnnual FeeRM50,000USD15,000
Labuan Retakaful Business
A Labuan retakaful business is defined as a business in compliance with Shariah principles whereby the Labuan retakaful operator assumes a part of the liability under an original contract of takaful of another takaful operator or retakaful operator.
- Applicant must maintain a minimum paid-up capital or working funds with a bank in Labuan amounting to RM10 million or its equivalent in any foreign currency.
- Applicant must provide a letter of guarantee or undertaking from the parent company to Labuan FSA.
- Applicant for a licence to carry on a retakaful business in Labuan must:
- establish an operational management office in Labuan managed by a management team that has adequate knowledge and expertise in the insurance business; or
- appoint a licensed Labuan takaful underwriting manager.
- Appointment of any person in control, director or principal officer (PO) of a Labuan retakaful operator must obtain prior approval from Labuan FSA. Notwithstanding, Labuan retakaful operators that are established as a branch are not required to obtain approval on the appointment of their directors.
- The person in control, director and PO of a Labuan retakaful operator must be fit and proper persons and shall not be subject of any adverse report from any reliable sources.
- Type of FeesAmountAnnual FeeRM50,000USD15,000
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