19.1.1. Application

(1) This chapter applies to Insurers and Takaful Operators.

(2) All references to Insurers in this chapter should be read as referring also to Takaful Operators. All the provisions of this chapter are applicable to Takaful Business conducted by Takaful Operators, except in the case of provisions which are specifically exempt for Takaful Operators.

(3) All references to Life Policies in this chapter must be read as referring also to Family Takaful Contracts. The regulatory obligations specified by the provisions in this chapter to Life Policies are also applicable to Family Takaful Contracts and all related aspects of Family Takaful Business.

(4) All references to Insurance Contracts in this chapter must be read as referring also to Takaful Contracts. The regulatory obligations specified by the provisions in this chapter to Insurance Contracts are also applicable to Takaful Contracts and all related aspects of Takaful Business.

19.1.2. General Requirements

(5) The use of the terms Takaful, Retakaful, General Takaful and Family Takaful may only be used to describe the products of Authorised Firms that are licensed by the AFSA to carry out the Regulated Activity of Takaful Business.

(6) For the purposes of this AIFC COB Rules, all references to Takaful shall be taken as including Takaful, Retakaful, General Takaful and Family Takaful.

(7) The term 'Islamic insurance' may only be used by Authorised Firms licensed by the AFSA to carry out the Regulated Activity of Takaful Business.