CA-8.4.3A

When the Islamic bank licensee provides credit protection to a securitisation exposure, it must calculate a capital requirement on the covered exposure as if it were an investor in that securitisation. If the Islamic bank licensee provides protection to a Sukuk issuance, it must treat the credit protection provided based on the risk of the underlying assets of the Sukuk as shown in Paragraph CA-8.4.3. If the Islamic bank licensee provides protection to a Sukuk issuance that has no legal transfer of assets, it must treat the credit protection provided based on the ECAI rating of the originator (as shown in the table in Paragraph CA-8.4.3).