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AU-1.3.3

Conventional licensees may provide Shari'a compliant activities listed in Rule AU-1.2.1, subject to the limits under Paragraph AU-1.2.3 in Bahraini dinars to Bahraini resident individuals subject to the following conditions:

(a) Shari'a compliant financing transactions to be undertaken through a special counter or branch as deemed necessary by the licensee;
(b) The licensee must maintain separate books for Shari'a compliant financing activities to ensure no co-mingling of conventional and Islamic funds;
(c) The licensee must have a Shari'a Compliant Reviewer;
(d) The licensee must appoint a minimum of one Shari'a Scholar who has authority for all Shari'a compliant business; and
(e) The total Islamic assets of the conventional licensee must not exceed 20% of the total assets of the licensee.
January 2014