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Labuan Takaful

General Takaful

General takaful business means takaful business which is not a family takaful business but includes takaful business relating to mutual financial aid and assistance to participants for losses arising from perils such as accidents, fires, floods and burglaries.

Licensing and Operational Requirement

An applicant should meet the following minimum eligibility criteria:

  1. Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM7.5 million equivalents in any foreign currency
  2. Applicant must be a member of Labuan International Insurance Association
  3. Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  4. Applicant for licence to carry on general takaful business in Labuan must:
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in the insurance business; or
    • Appoint a licensed Labuan takaful underwriting manager
  5. Appointment of any person in control, director, or Principal Officer (PO) of a Labuan general takaful operator must obtain prior approval from The Authority
  6. The person in control, director and PO of a Labuan general takaful operator must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

Family Takaful

Family takaful means takaful for the benefit of the individual and his family.

Licensing and Operational Requirement

An applicant should meet the following minimum eligibility criteria:

  1. Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM7.5 million equivalents in any foreign currency
  2. Applicant must be a member of Labuan International Insurance Association
  3. Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  4. Applicant for licence to carry on general takaful business in Labuan must:
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business; or
    • Appoint a licensed Labuan takaful underwriting manager
  5. Appointment of any person in control, director, or Principal Officer (PO) of a Labuan general takaful operator must obtain prior approval from The Authority
  6. The person in control, director and PO of a Labuan general takaful operator must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

Retakaful

Labuan retakaful business means 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.

Licensing and Operational Requirement

An applicant should meet the following minimum eligibility criteria:

  1. Applicant must maintain a minimum paid up capital or working fund with a bank in Labuan amounting to RM10 million equivalents in any foreign currency
  2. Applicant must be a member of Labuan International Insurance Association
  3. Applicant must provide a Letter of guarantee or undertaking from the parent company to The Authority
  4. Applicant for licence to carry on retakaful business in Labuan must:
    • Have an operational management office in Labuan managed by a management team that has an adequate knowledge and expertise in insurance business; or
    • Appoint a licensed Labuan takaful underwriting manager
  5. Appointment of any person in control, director, or Principal Officer (PO) of a Labuan retakaful operator must obtain prior approval from The Authority
  6. The person in control, director and PO of a Labuan retakaful operator must be of fit and proper persons and shall not be subject of any adverse report from any reliable sources

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