The Takaful sector is regulated by the Brunei Darussalam Central Bank (“BDCB”) and governed by the Takaful Order, 2008 (“TO”).
The TO provides legal and regulatory framework for the licensing and supervision of Takaful operators, Retakaful operators and Takaful intermediaries including brokers, adjusters and agents.
Additionally, the law also required takaful operators to establish a Syariah advisory body to provide advice on Syariah matters towards the products, services and operations of the takaful operator. This is to make up the second tier of Syariah governance structure in Brunei Darussalam, where the first tier is the Syariah Financial Supervisory Board (“SFSB”), which outlines the overall Syariah principles and governs Syariah-related issues at a national level through SFSB Order, 2006.
Takaful Order, 2008
Takaful Regulations, 2008