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CA-8.2.6

Past version: effective from Jul 1 2007 - Sep 30 2008.
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A takaful firmG to which Paragraph CA-8.2.5 applies may, with the participants' consent, switch existing policies from a non-wakala model to the al wakala model, so long as no other terms and conditions attaching to the policy are affected. Where sufficient participants (both number and value of outstanding obligations of the takaful firmG ) are prepared to switch, a takaful firmG may apply to the relevant Courts to sanction transferring all those policies to an al wakala basis.

Amended: January 2007
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