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AU-1.4.3

Conventional licensees may provide Shari'a compliant activities (b) and (c) listed in Rule AU-1.3.1 in any amount and in any currency to Bahrain-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; and
(d) The licensee must establish a Shari'a Supervisory Committee with a minimum of three board members. The board may have global authority for all Shari'a compliant business or may have authority purely for Islamic business booked in Bahrain.
January 2013