The following shall not be included in the contractual Collective Investment Schemes: 1. The insurance contracts and the relevant investment tools thereof, as well as the investments managed as part of Takaful insurance contracts. 2. The investment accounts opened at the Islamic banks, provided that these account are regulated by the Central Bank. 3. Investment Portfolios established for the benefit of one Client, whether they are managed by the company or by the Client. 4. The contractual arrangements executed between companies that belong to one group. 5. Schemes of saving, pensions, retirement or benefits created for the benefit of the companies’ employees. 6. Other contractual arrangements that the Authority decides to be excluded from the scope of the contractual Collective Investment Schemes.