14.1.1. Definition of Captive Takaful Operator

A Captive Takaful Operator is an Authorised Firm with a Licence to carry on Takaful Business only for the business or operations of the Group to which it belongs.

14.1.2. Definition of Captive Takaful Business

(1) Captive Takaful Business is the business of Effecting or Carrying out Takaful Contracts only for the business or operations of the Group to which the Captive Takaful Operator belongs.

(2) General Captive Takaful Business is Captive Takaful Business in relation to General Takaful Contracts.

(3) Family Captive Takaful Business is Captive Takaful Business in relation to Family Takaful Contracts.

14.1.3. Captive Takaful Operator to be incorporated in the AIFC

Only an Authorised Firm which is incorporated under the laws of the AIFC may apply to the AFSA for a Licence to conduct Captive Takaful Business.