7.3.1. Separate identification of assets, liabilities, revenues and expenses

A Takaful Operator that is required under TRR 7.1.1 (Family Takaful Funds to be established) to establish and maintain one or more Family Takaful Funds, or has attributed Takaful Contracts in General Insurance Category 1 (Accident) or General Insurance Category 2 (Sickness) to a Family Takaful Fund under TRR 7.2.2(2) (Attribution of General Insurance Contracts), must:

(a) identify separately in its books and records the assets, liabilities, revenues and expenses attributable to that business; and

(b) ensure those assets, liabilities, revenues and expenses are recorded separately and accounted for as Family Takaful Fund.

7.3.2. Recording of assets, liabilities, revenues and expenses

A Takaful Operator must record all assets, liabilities, revenues and expenses in respect of a Family Takaful Contract that is attributed to a Family Takaful Fund as assets, liabilities, revenues and expenses of that Family Takaful Fund.

7.3.3. Attribution of assets not already attributed

A Takaful Operator may at any time attribute any of its assets to a Family Takaful Fund that were not previously attributed to such a Family Takaful Fund.

7.3.4. Recording of revenues and expenses

All revenues and expenses arising by way of earnings, revaluation or other change to the assets and liabilities of a Family Takaful Fund must be recorded as revenues and expenses, or movements in capital, of that Family Takaful Fund.