286. Conversion to single takaful business

A licensed takaful operator, other than a licensed professional retakaful operator, lawfully carrying on both family takaful business and general takaful business under the repealed Takaful Act 1984 shall comply with subsection 16(1) within five years of the appointed date or such longer period as may be specified by the Minister, on the recommendation of the Bank, by notice in writing to the licensed takaful operator upon its written application before the expiry of the five years.