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12.5. Limitations on distributions by AIFC-incorporated Takaful Operators in run-of
FINANCIAL SERVICES LEGISLATION
RULES
TAKAFUL AND RETAKAFUL PRUDENTIAL RULES
Schedule 6 Prudential returns by Takaful Operators
Entire Act

12.5. Limitations on distributions by AIFC-incorporated Takaful Operators in run-of

12.5.1 Takaful Operator in run-off not to make distributions

(1) An AIFC-Incorporated Takaful Operator in run-off must not make any distribution to shareholders or members of the Takaful Operator, whether by way of dividends or otherwise, or any payment of management fees (other than fees payable under a contract notified to the AFSA in accordance with TRR 12.4.2), without the written consent of the AFSA.

(2) Any such distribution or return of capital or payment of management fees must be made within the period, if any, specified in the written notice of consent given by the AFSA.