(a) In addition to IFR 5.2.4, an Authorised Person Managing a PSIA must set out in a written policy how it proposes to organise and control the activities that arise from Managing a PSIA and ensure that the activities undertaken by it in Managing a PSIA are conducted in accordance with Shari'a.
(b) The policy must as a minimum address, where appropriate, the following matters:
(i) how the interests of that Authorised Person's shareholders and its PSIA holders are safeguarded;
(ii) how the Authorised Person will limit the exposure of PSIA holders to the Authorised Person;
(iii) a description of the controls to ensure that the funds of the PSIA are invested in accordance with the investment guidelines agreed in the PSIA Investment Contract;
(iv) the basis for allocating profits and losses to the PSIA holders;
(v) the policy for making provisions and reserves and, in respect of PSIAs, to whom these provisions and reserves revert in the event of a write-off or recovery;
(vi) the Authorised Person's policy on the prioritisation of investment of own funds and those of Unrestricted PSIA holders;
(vii) how liquidity mismatch will be monitored;
(viii) the basis for allocating expenses to PSIA holders; and
(ix) how the Authorised Person will monitor the value of its own assets and the assets of PSIA holders.