Where an insurer or an insurance intermediary conducts Takaful with a retail client, the disclosure for the purposes of COBS 6.7 must include:
(a) the nature of the contracts between the Takaful Fund and the Takaful Operator;
(b) the method of calculation of any fees or share of profits paid from the Takaful Fund to the Takaful Operator;
(c) the basis on which any surpluses in the Takaful Fund will be shared; and
(d) any circumstances in which additional contributions to the Takaful Fund may be required.
|Amended on (3 February, 2020).|