• IFR 6.2.3 IFR 6.2.3

    (a) Subject to IFR 6.2.3(b), the Fund Manager of a Fund must establish and retain, for six years, records of:
    (i) its assessment of the competency of the Shari'a Supervisory Board members;
    (ii) the agreed terms of engagement of each member of the Shari'a Supervisory Board; and
    (iii) the matters in IFR 6.2.1(a)(iii) and IFR 6.2.2.
    (b) If the Fund Manager, pursuant to IFR 6.2.1(b), appoints to the Fund the same Shari'a Supervisory Board it has appointed to itself as an Authorised Person (and whether acting as an Islamic Financial Institution or through an Islamic Window), the records required under IFR 6.2.3(a) must be included in or otherwise form part of the records required under IFR 3.5.4.

    • Guidance

      (i) 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.
      (ii) If the Fund Manager is relying on IFR 6.2.1(b), then the due diligence process, and the records maintained under IFR 3.5.3 and IFR 3.5.4, should be augmented with the matters specified under IFR 6.2.1(a).