The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 187th Meeting

The Shariah Advisory Council (SAC) of Bank Negara Malaysia at its 187th meeting on 27 August 2018 decided that the application of musyarakah contract between a retakaful operator and takaful operator in managing the expense strain of the latter arising from the implementation of ‘Minimum Allocation Rate’ requirement is permissible, subject to the following conditions:

1. The musyarakah capital contribution especially in the form of cash, shall not be treated and accounted as an up-front wakalah fee as such treatment is inconsistent with the nature of a musyarakah contract;
2. The musyarakah capital shall be ring-fenced and shall not commingle with other capital in the shareholders’ fund; and other funds especially the tabarru` fund;
3. Determination of profit and loss from the musyarakah must reflect the actual profit and loss of the identified portfolio, which must be ring-fenced from other portfolios; and
4. The in-kind musyarakah capital (if any) must be valued in monetary terms at the inception of the musyarakah contract.

Please refer attachment for more information.

Keputusan Majlis Penasihat Shariah

Majlis Penasihat Shariah (MPS) Bank Negara Malaysia pada mesyuarat ke-187 bertarikh 27 Ogos 2018 telah memutuskan bahawa pengaplikasian kontrak musyarakah antara pengendali takaful dan pengendali takaful semula bagi mengurus beban perbelanjaan pengendali takaful berikutan pelaksanaan  keperluan ‘Kadar Peruntukan Minimum’ dibenarkan, tertakluk kepada syarat-syarat berikut:

1. Modal musyarakah terutamanya yang berbentuk wang tidak boleh dianggap sebagai fi wakalah pendahuluan (upfront wakalah fee) kerana ia tidak selari dengan ciri-ciri kontrak musyarakah;
2. Modal musyarakah hendaklah diasingkan (ring-fenced) dan tidak bercampur dengan modal lain dalam dana pemegang saham dan dana-dana lain terutamanya dana tabarru`;
3. Penentuan keuntungan dan kerugian musyarakah mestilah menggambarkan keuntungan dan kerugian sebenar bagi portfolio tertentu, yang perlu diasingkan (ring-fenced) daripada portfolio-portfolio yang lain; dan
4. Modal musyarakah yang berbentuk bukan kewangan (sekiranya ada) hendaklah dinilai berdasarkan nilaian wang ketika pemeteraian kontrak musyarakah.

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