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).
Derived from DFSA RM69/2010 (Made 1st March 2010). [VER1/03-10]
[Amended] DFSA RM72/2010 (Made 11th July 2010). [VER2/07-10]