IFR 6.2.3 Guidance
1. The records of the assessment of competency of
Shari'a Supervisory Board members should clearly indicate, at least:
a. the factors that have been taken into account when making the assessment of competency;
b. the qualifications and experience of the
Shari'a Supervisory Board members;
c. the basis upon which the
Fund Manager has deemed that the proposed Shari'a Supervisory Board member is suitable; and
d. details of any other
Shari'a Supervisory Boards of which the proposed Shari'a Supervisory Board member is, or has been, a member.
2. If the
Fund Manager is relying on IFR Rule 6.2.1(2), then the due diligence process, and the records maintained under Rules IFR 3.5.2 and IFR 3.5.3, should be augmented with the matters specified under IFR Rule 6.2.1(1).