A Takaful firm operating on a basis other than that prescribed by Paragraph CA-8.2.1 at the date these requirements come into force, must (except where Section CA-8.2.7 has been implemented) in respect of all Takaful contracts written after this date, manage those contracts in accordance with Section CA-8.2.1. Takaful contracts written before this date hereafter referred to as pre-existing contracts, must continue to be managed in accordance with the Takaful model or models operated by the Takaful firm prior to Paragraph CA-8.2.1 coming into force, until such time as all obligations of the Takaful fund or funds under those pre-existing contracts have been discharged in full.
Amended: January 2007
Amended: October 2008