PIN A3.5.1

Hybrid capital includes the following items:

(a) subordinated debt;
(b) preference shares;
(c) Owners' Equity in a Takaful Insurer, of the type described in Rule A3.3.3; and
(d) ordinary shares issued by an Insurer to a Holding Company whose own paid-up ordinary share capital, taken together with its general reserves, is lower than that of the Insurer.