This Standard applies to the IFIs in the case where:
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the IFI appoints an External Shari’ah Auditor on a voluntary basis, or
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there is a regulatory requirement to appoint an External Shari’ah Auditor.
3.2
This Standard applies to all incorporated IFIs. IFIs 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.
3.3
This Standard must be read in conjunction with the standards and resolutions issued by the Central Bank and the Higher Shari’ah Authority (“HSA”) and notified to IFIs.