November 2015Securities Activitiesand Registered PersonsIn addition to the conditions for the application for a license for each activity, the following conditions shall be met by a person licensed to operate in accordance with the Islamic Sharia: 1. Its Articles and Memorandum of Association shall state that the practice of such activities, particularly the Securities Activities, shall be in accordance with Islamic Sharia 2. Its internal organization shall include a Sharia supervision and auditing system stipulated in its internal regulations to ensure professional and effective performance in accordance with the international criteria approved by the Authority. 3. The Sharia audit system of the Licensed Person shall consist of an Internal Sharia Auditing Unit and External Sharia Auditing Office. The Licensed Person may appoint a Sharia Supervisory Board to give the Sharia opinion regarding the activities of the company. It is not permitted to combine the tasks of the Internal Sharia Auditing Unit and External Sharia Auditing Office in one entity.