All Islamic Bank Licensees must comply with all AAOIFI issued accounting standards as well as applicable Shari'a pronouncements issued by the Shari'a Board of AAOIFI. The Islamic Bank Licensee must have a separate function of Shari'a review to verify compliance with the above. The internal Shari'a review must be carried out in accordance with AAOIFI governance standard No.3. The Shari'a review function may be located in the Internal audit function of the Islamic Bank Licensee.