2.1This Standard applies to all IBs. IBs established in the UAE with Group relationships, including Subsidiaries, Affiliates, or international branches, must ensure that the Standard is adhered to on a solo and Group-wide basis.
2.3An IB which sets up special purpose vehicles with the objective of conducting specific Shari’ah compliant activity must ensure that the risks arising in the special purpose vehicle are monitored and reported at the group level (risk management on a consolidated basis).
2.4This Standard must also be read in conjunction with the Standards and Resolutions issued by the Higher Shari’ah Authority (HSA).