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The terms and conditions of a contract for a PSIA must be clear, concise and easily understandable by an IAH. The contract must state the type, purpose, terms and period of the contract and the profit-sharing ratio agreed at the time of the opening of the account. A bank must ensure that the following information is included in the terms and conditions given to an IAH:
a.
How the funds of the IAH will be managed and invested;
b.
The PSIA’s investment objectives;
c.
The basis for allocating profits and losses;
d.
A summary of the policies for valuing the PSIAs assets
e.
If the bank uses PER/IRR reserves as a smoothing technique, a summary of the policies for transferring funds to and from the reserve
