Friday, March 28, 2008

Qabul or Acceptance

Acceptance is normally made by the operator either:

(i) Based on the proposal or offer from the prospective participant, or
(ii) If the operator does not agree with the proposal, they can alter or add some additional
terms and conditions.

The latter will be considered as a counter offer to the prospective participants.

The mode of acceptance of a proposal may be inferred by any of the following conducts of the operator.
  1. Issuance of a Takaful certificate
  2. Issuance of a temporary cover note
  3. Issuance of an official receipt for the first payment of contribution
  4. Any kind of acceptance (through fax, telephone, email, computerized or electronic message) to the proposal of the intended participant

Once the contract is done, both parties are bound to the terms and conditions of the contract.