Category 1 and Category 2 investment firm licensees, which are guided by the principles of Islamic Shari’a have additional responsibilities to their stakeholders. Investment firm licensees which refer to themselves as “Islamic” are subject to additional governance requirements and disclosures to provide assurance to stakeholders that they are following Shari’a Principles. In ensuring compliance with Shari’a principles, such licensees must establish a Shari’a Supervisory Board consisting of at least three Shari’a board members. Category 3 investment firm licensees, which are guided by the principles of Islamic Shari'a and refer to themselves as “Islamic” must appoint a minimum of one Shari’a advisor or scholar to verify that their operations are Shari’a compliant.