The Advisory Council for Sharia Supervision shall: 1. Express the Sharia opinion with regard to matters pertaining to the Authority’s business with respect to Licensed Persons who operate in accordance with the Islamic Sharia provisions. 2. Express the Sharia opinion in creating new Islamic financial products and instruments launched in the capital markets by the Authority or approved by the Authority. 3. Express the Sharia opinion on matters referred to it by the Board. 4. Express the Sharia opinion on complaints submitted by Traders against Licensed Persons with regard to non-compliance with Islamic Sharia provisions. 5. Express the Sharia opinion in applying Sharia standards, decisions, regulations stipulated to organize the Licensed Persons’ business. 6. Propose the bylaws, and regulations regarding the Sharia supervisory regulations of Licensed Persons who operate in accordance with the provisions of the Islamic Sharia. 7. Propose bylaws, regulations and policies regulating the profession of internal and external Sharia revision and audit for Licensed Persons. 8. Propose bylaws and regulations pertaining to the conditions which shall be met by the executive officials of the Licensed Persons operating in accordance with the provisions of the Islamic Sharia, and their obligations and responsibilities. 9. Propose the rules for supervision and the controls for the Sharia compliant securities markets with regard to all instructions and decisions which shall be issued by the Authority with regard to organization and monitoring of business of the Licensed Persons operating in accordance with the Islamic Sharia provisions. 10. Propose the necessary criteria to apply any investment index for Listed Companies and the Collective Investment Schemes that operate in accordance with the provisions of the Islamic Sharia issued by the Authority or any of the licensed Securities Exchanges. 11. Express the Sharia opinion on the activities of Sharia compliant Licensed Persons. 12. Propose plans and methodologies which may develop the capital market in accordance with Islamic Sharia provisions in the State of Kuwait. 13. Propose research and studies which may contribute to developing the components of the capital market in accordance with the Islamic Sharia provisions. 14. Propose templates of contracts and financial instruments approved by the Authority to operate in accordance with the provisions of the Islamic Sharia.