An issue of Preferred Shares is preconditioned by: 1. The Authority shall issue a resolution approving the issue of Preferred Shares. In the event that such issue is not approved the Authority shall issue justification of its decision. 2. The Central Bank shall approve the Preferred Shares issued by Units Subject to its Supervision In the event that such issue is not approved the Central Bank shall issue a justification of its decision. 3. If the Issuer is a non-Kuwaiti national, it shall get the approval of all concerned entities in the country of incorporation. 4. Preferred Shares issued in Kuwait shall be denominated only in KWD, and the par value of each preferred share shall not be less than 100 Kuwaiti fils without the approval of the Authority.