2.2.25. Takaful Business
2.2.25.1. General description
Takaful Business is listed in section 25 of Schedule 1 of GEN. It means the business of conducting either or both of the following activities:
(a) effecting Takaful Contracts as Principal;
(b) carrying on Takaful Contracts as Principal.
For more details on Takaful Business see AIFC Takaful and Retakaful Prudential Rules.
A Person, who is an Authorised Firm authorised to carry out regulated activity of Takaful Business is subject to prudential supervision and must comply with AIFC Takaful and Retakaful Prudential Rules.
Currency regulation
Currency transactions will be performed via AIFC Banks if processed in only foreign currency, and via second-tier banks in any currency. For more details of transactional implications see Chapter 4 of PERG.
The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.
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Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants? |
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Yes:
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Your services will be subject to the AIFC Rules on Currency Regulation: |
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Name of allowed activity: |
Islamic insurance |
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Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation: |
2.4.4 in the list of related services. |
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Type of currency: |
Any currency |
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Transaction: |
Via AIFC Banks: only foreign currency Via second-tier banks: any currency |
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Currency reporting: |
No specific reporting for a financial service. Transactional reporting may be applicable (see Chapter 4 of PERG for more details).
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No: |
Subrule 3.3.2 of AIFC Rules on Currency Regulation applies. |
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For more details see Chapter 4 of PERG.
2.2.25.2. Exclusions
There are none.