1.3. Classification of Takaful Contracts
1.3.1. Classification of contracts
A Takaful Operator must, in its own records, classify all Takaful Contracts carried out by it, including all Contracts of Reinsurance or Retakaful Contracts entered into by it as cedant, according to the category to which the Takaful Contracts relate.
1.3.2. Classification of contracts falling into two or more categories
Where a Takaful Contract relates to more than one category, the Takaful Operator must record separately the portions of the Takaful Contract that relate to each category, except that immaterial portions need not be separately recorded.